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El Salvador Finance Minister: The Bitcoin adoption strategy in the country is working well

El Salvador Finance Minister: The Bitcoin adoption strategy in the country is working well

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Answer El Salvador Finance Minister: The Bitcoin adoption strategy in the country is working well

It has been nearly a year since El Salvador, the Latin American country, introduced Bitcoin as legal tender in the country.

Yesterday, Thursday, July 28, Alejandro Zelaya, Minister of Finance of El Salvador, said:

Bitcoin betting is doing well enough for the country.

He added:

Bitcoin has helped us provide financial services to a large unbanked population while at the same time attracting tourism and investment.

The use of Bitcoin as a medium of exchange is still low.

On the other hand, he said that the government of El Salvador remains resolute in issuing bonds backed by bitcoin using blockchain technology.

Read:Bitcoin returns to the level of 62 thousand dollars and the total value of the market regains 100 billion dollars

In an interview with Bloomberg last Wednesday, Zelaya stated:

For some, it’s something new and something they don’t fully understand, but it’s a phenomenon that is gaining ground and will continue to exist in the coming years.

Increasing Bitcoin Reserves in El Salvador and Future Strategy:

Over the past year, El Salvador has purchased 2,381 Bitcoin as part of its general budget.

El Salvador then suffered a loss of 50% of the average purchase price.

According to the survey conducted by the US National Bureau of Economic Research, most consumers still prefer to pay in hard currency over Bitcoin.

But Zelaya still believes that digital tokens have a bigger role in the future, and commented on this by saying:

We will not achieve results overnight.

We cannot sleep poor and wake up millionaires.

New technologies have shown how in previous years people were afraid of things like websites and digital businesses, but over time, reality has imposed itself.

Zelaya said the government of El Salvador is planning to issue $1 billion in bitcoin bonds, and will launch them at a time when market conditions improve.

Read:A new platform that offers its services in a different way and attracts more than half a million people before the official launch

The El Salvador government is working to move forward with its “Bitcoin City” plan and will launch some bitcoin projects in the coming months.

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