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El Salvador: Bit by bit, coastal village adopts cryptocurrency for daily transactions

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Published on 21 Jul 2020 / In Crypto

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A remote village in El Salvador is implementing a new way of making financial transactions by adopting bitcoin, in an effort to help those without access to banks and typical financial services, footage from Sunday shows.

Residents of El Zonte in southern El Salvador began using bitcoin as a new form of currency following the implementation of a project group called "Bitcoin Beach," in reference to the coastal area around the village beach.

Several shop owners, local workers as well as students have transitioned into this new form of economy, helping them make quick transactions, pay their costs of living as well as transport.

"The first time I felt uncomfortable because I was not used to those transfers. But now that I have been receiving my salary in bitcoin through the mobile app, we are already becoming used to receiving salary that way," said Leonel Hernandez, a local worker.

"During this pandemic, emergency bitcoin has had a good impact on small businesses because all local people owned bitcoin and those stores that decided to trade bitcoin have had good sales," explained Roman Martinez, a member of Bitcoin Beach.

The project itself began with an anonymous bitcoin donor giving a multi-year six-figure donation to the people of El Zonte, on the condition that they would progressively learn to use bitcoin and integrate it as a new digital currency, without cashing out into the country's local currency.

The donor teamed up with an American volunteer, ultimately leading to the creation of Bitcoin Beach as a new ecosystem designed to cope with the difficulty of having access to banks and credit cards in remote areas of the country..

Video ID: 20200720-019

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