加密貨幣與發展中國家經濟自主性的挑戰與機遇：以薩爾瓦多比特幣政策為例

Cryptocurrency and Economic Sovereignty in Developing Countries: Challenges and Opportunities from the Case of El Salvador’s Bitcoin Policy

加密貨幣作為新興金融科技工具，其去中心化特性與跨境流通能力被視為發展中國家提升經濟自主性與擺脫貨幣霸權約束的潛在解方。然而，薩爾瓦多作為全球首個將比特幣納入法定貨幣體系的國家，其政策實驗所揭示的挑戰，凸顯了加密貨幣應用於發展中國家的多重限制。本文綜合文獻回顧、理論分析與實證案例，探討加密貨幣採用對發展中國家經濟主權、貨幣穩定與金融包容性的潛在影響。研究指出，加密貨幣應用須考量基礎設施、數字素養、監管能力及社會信任等多重因素，而非僅視為技術創新工具。薩爾瓦多經驗表明，政策設計需採取漸進方式，結合數字基礎設施投資、金融教育推廣及適當監管框架，方能發揮加密貨幣潛在價值，避免加劇金融不穩定與社會不平等。本文最終提出相關政策建議，為發展中國家評估加密貨幣採用提供參考。

Cryptocurrencies, as emerging financial technologies, are often perceived as tools that can enhance the economic sovereignty of developing countries and mitigate the constraints of monetary hegemony. However, El Salvador’s unprecedented experiment of adopting Bitcoin as legal tender reveals a complex set of challenges that highlight the multifaceted limitations of cryptocurrency adoption in such contexts. This paper integrates a comprehensive literature review, theoretical analysis, and empirical insights to examine the potential impacts of cryptocurrency adoption on economic sovereignty, monetary stability, and financial inclusion in developing countries. The study demonstrates that the successful implementation of cryptocurrency policies depends not only on technological innovation but also on infrastructure readiness, digital literacy, regulatory capacity, and social trust. El Salvador’s experience underscores the need for a gradual and context-sensitive policy approach that incorporates digital infrastructure investment, financial education, and tailored regulatory frameworks. The paper concludes by offering policy recommendations as a reference for developing countries considering cryptocurrency adoption.