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The President of El Salvador had made Bitcoin a legal tender last year in El Salvador. Since then, El Salvador remains the center of the discussion of Cypto and NFT communities. But the viability is still general in the world.
El Zonte, the village of El Salvador is the center of experiment of Bitcoin (Cryptocurrency). El Zonte is the Surfing Village at the Pacific Coast just 20kms from La Liberated.
This place is generally packed with Tourists and residents. Both are able to pay anything. It varies from rent to groceries. Digital transaction is prevalent in merchandise.
The employee receive their salaries in digital currency and later these ones pay through Bitcoin at different groceries stores. There is also ATM that can swap or change dollars into Bitcoin and vice-versa.
The Town is popularly known as Bitcoin Beach due to its individuality in the world.
The Crypto Future of El Salvador
President Bukele has full confidence to see his country’s future of Bitcoin and other Digital currencies. He keeps doubling down even the price of Bitcoin keeps on it price volatility.
The reason, Bukele gives is that adoption of bitcoin would digitize the small economy, will decrease the dependence on the US Dollars and will help in decrement of remittance fees- which clock to 20% of the Country’s gross GDP.
Last year, however the positive economic recovery, El Salvador still has genuine money problems. President, Bukele has Asked the IMF for a loan grant.
But The talks not went well accordingly’ Bukele. This was all after IMF had issues with his Bitcoin Binge, and citing risks for market and consumers.
In January, he bought 1,801 worth of bitcoin. This amount is roughly equal to $77 Million and on the top of what Bukele has been purchasing Bitcoin Since making t a legal tender on 7 September, 2021.
Now the Question is whether Bitcoin or any other cryptocurrency will give El Salvdor Economic Freeom? May be. But here the catch is, President Bukele is trying to transform is country’ Digital ecosystem.
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