El Salvador is one of the few countries in the world to legalize the use of cryptocurrency. President Nayib Bukele authorized the use of Bitcoin as a legal tender in September 2021. Although this step was lauded by thousands of crypto users across the world, the government failed to introduce its citizens to the coin first for more info visit site.
It is one thing for digital assets to be a medium of exchange, and it is another thing for the majority of citizens in the country to have very little basic knowledge of the asset. About 90% of the population has little or no idea of utilizing bitcoins. The government has realized that there is a significant need to create awareness about cryptocurrencies, especially its latest legal tender.
Looking at it, the main reason why Bitcoin was legalized was to give the citizens a decentralized platform to trade with. To fulfill this goal of making its citizens more knowledgeable about bitcoins and cryptos in general, the government of El Salvador, in collaboration with Paxful, has established an education center that revolves around Bitcoin.
La Casa Del Bitcoin
The new Bitcoin education center has been named “La Casa Del Bitcoin.” Tutors have been employed to teach interested citizens about the benefits of bitcoin, as well as the various utilities the digital asset can be used for.
The new education and crypto training will be free for all residents in the country. Students will have access to learning opportunities about bitcoin and a few other cryptos. Paxful announced that the center would host events and workshops to persuade the residents to adopt Bitcoin as a medium of exchange.
The peer-to-peer platform intends to build financial inclusion within the community. It was disclosed that the center would serve as the headquarters for the Built with Bitcoin Foundation offices. The local community will learn about the benefits of buying and trading Bitcoin. If all goes according to plan, La Casa Del Bitcoin could be the starting point for a new wave of Bitcoin mass adoption in local El Salvador communities. Dozens of small local businesses will be equipped with the tools and knowledge to connect to the global bitcoin ecosystem.
As soon as citizens begin to grasp the knowledge of Bitcoin utilities, there may be a need to open more education centers in other strategic locations in the country. The authorities are prepared for this.
What This Means for Salvadorans
El Salvadore is about to become a Bitcoin city. This plan won’t make sense if the citizens that are expected to make use of bitcoin don’t understand how it works.
With this new program, thousands of Salvadorans will be imparted with financial knowledge that could grow the country to greater heights. Since the approval of the bill to legalize Bitcoin in September, the number of peer-to-peer bitcoin transactions has slowly been increasing. The new Bitcoin center will help citizens understand that they don’t need to depend on traditional banks, nor do they have to cope with the challenges that come with these financial institutions.
As this information continues to sink in, the number of the unbanked in El Salvador will decrease, and the nation will be able to rely less on the US dollar for economic growth.
Expected Challenges
The volatile nature of bitcoins will present a myriad of problems for the Salvadoran community. The latest bitcoin dip has significantly reduced the country’s holdings. Several crypto investments made by the government since the bill’s approval are now in the red.
Some Salvadorans are still not convinced that the use of Bitcoin as legal tender is the right path to economic growth. The IMF also warned the Bukele administration of the adverse impacts of cryptocurrencies on the country’s economy some weeks ago.
All this has a bit deterred the plans of the government, as it has continued to stack up its BTC holdings.
The Paxful team, through its CEO and co-founder Ray Youssef, stated that Bitcoin could shape the financial future of El Salvador and other countries. Youssef stressed that the power of bitcoin could be a stepping stone for small businesses to get equal financial access to other large corporations. What’s essential is spreading knowledge about Bitcoin to drive local and global adoption.
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