El Salvador's Adoption of Cryptocurrency
EL ZONTE, El Salvador, Sept 7 (Reuters) - In the El Salvadoran beach town of El Zonte, a surfing hotspot known as "Bitcoin Beach," tourists and some residents heralded the president's decision to make the Central American nation the first in the world to adopt the cryptocurrency as legal tender.
Many businesses in the popular vacation site adopted bitcoin three years ago, after an anonymous donation of the digital currency kickstarted the Bitcoin Beach project.
Nowadays, everyone from Canadian tourists to local construction workers conduct transactions or receive salaries in bitcoin, a dynamic that President NayibBukele has hailed in his push to adopt the cryptocurrency nationwide.
it will help Salvadorans save hundreds of million a year on commissions for remittances, while giving access to financial services to those with no bank account.
Fintech Bitso, a cryptocurrency platform, said on Tuesday it will be the core service provider for Chivo, the bitcoin digital wallet launched in El Salvador. The government promoted by promising $30 of bitcoin for each user
Reporting by Wilfredo Pineda in El Zonte, El Salvador; Writing by Laura
Gottesdiener
On
'Bitcoin Beach' tourists and residents hail El Salvador's adoption of
cryptocurrency | Reuters
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