Inside El Salvador where Bitcoin is used for shopping, economy boost

By Gideon Adonai

Where some countries are shying into extremely poverty with debts, loans and poor infrastructure, a country is transiting from loan-based to equity-based, using Bitcoin. (Af24news)

Nigeria and China government have both banned the use of Bitcoin and other currencies in their countries; on the contrary, El Salvador has legalised them (Bitcoin, others) as a legal tender for payment of goods and services.

The Central America county launched their
e-wallet app, Chivo app which makes the transaction, according to their President, seamless.

[ McDonald’s meal paid with Bitcoin on Tuesday, Credit: Documenting BTC]
El Salvador President, Nayib Bukele said the country has saved millions of money which would have been used in printing paper notes

El Salvador now holds 550 Bitcoin, a strategy which is making the country grow reach within few months of payment move; their debt record plunging.

President Bukele said: “It appears the discount is ending. We saved a million in printed paper. El Salvador now holds 550 bitcoin.

[Critics observed that debt prices in the county deceased quickly and sharply in the last six months; credit: Maryland Capital]

However, it was also noted that the new law will not add stability where about 50 per cent of the country does not have internet access.

READ ALSO: BREAKING: El Salvador marks Sept. 7th as Bitcoin day

Contrastingy, Bitcoin expert and investor, Steven Cole, refused that claim citing that the county is moving from debts to equity.

Steven said: “We’re transitioning from a debt-based society to an equity-based society.”

With only trading and shopping, El Salvador crashed Bitcoin from above $50,000 to $43,000, with the country now holding 550 units. This amounts to some $27m. (₦14B)

[ A Bitcoin servicing centre in El Salvador; credit: Stephen Cole]
[ A Bitcoin servicing centre in El Salvador; credit: Stephen Cole]
Steven Cole also said: “Now if the Bitcoin price skyrockets, so will the power and influence of El Salvador.”

 

Another country moving to make Bitcoin a legal tender is Panama.

 

 

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