The El Salvador Ambassador, Hector Enrique Celarie Landaverde, at the Bitcoin Amsterdam event 2022, said that the government decided to adopt BTC as a legal tender because citizens of the country often send in their remittances using Bitcoin. From then, the government gave it thought which they have implemented already.
He explained that 70% of El Salvadorians are unbanked, and 50% of the nation’s GDP consists of remittances from their communities that live abroad. “These people send their money through Bitcoin and not through regular means, and from there the government decided to adopt Bitcoin as a legal tender,” he said.
The Ambassador highlighted that adopting Bitcoin has been beneficial to the country. He said that 70% of the people outside the financial system are now included, and its community abroad now sends in their remittances using their state wallet (Chivo wallet) provided by AlphaPoint. He added that owing to the move, El Salvador is open to new ways of financing, investing, and engaging in commerce for day-to-day trade.
AlphaPoint is a Fintech platform that powers the El Salvador Bitcoin wallet. In addition, the platform offers Bitcoin bonuses to every new sign-up from El Salvadorians. AlphaPoint speaking at the Bitcoin Amsterdam event on its experience in serving the El Salvador nation, said adopting Bitcoin brought a mental benefit to every Salvadoranian, “the youths now see the world as smaller and accessible.”
Adopting Bitcoin as a legal has made many changes to the nation,, the Ambassador admitted. He mentioned at the event that the country had worked and put in place new laws that would avoid any specific illicit. In addition, he disclosed that the office of El Salvador’s first lady is looking to adopt a policy where any kid that goes to school at any level will receive a computer and have laws that will bring Bitcoin early childhood education.
El Salvador has faced challenges like proving how Bitcoin has impacted the nation. “Despite being said that the country lost 50 million due to the Bitcoin downtrend, we are still holding them (Bitcoin) with us,” the Ambassador responded to the discussion on challenges faced by the nation.
Ambassador Hector Enrique Celarie Landaverde affirmed that the success the nation hopes for is to become a digitized nation. “We want to work on Fintech, Start-ups, invest in mining, have the Bitcoin community come to El Salvador and have a Bitcoin city in the future,” he said.
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