ECUADOR: An Entire Country Switched to Bitcoin and Now Its Economy Is Floundering.

The country’s president Nayib Bukele made waves last year when he announced that the nation would accept the token for use at stores and banks. The self-described “CEO of El Salvador” even announced plans to build a “Bitcoin City“ to turn the country into “the financial center of the world.”

However, it turns out that forcing your nation’s banks and stores to accept a currency large swaths of the population are unfamiliar with and don’t trust is a good way to tank your economy.

Government’s mucking around with the currency never ends well, although in this case the bad end came with impressive speed.