- Title: Salvador's bitcoin beach town hopeful of windfall with digital currency
- Date: 7th September 2021
- Summary: KABUL, AFGHANISTAN (SEPTEMBER 7, 2021) (REUTERS) STUDENTS IN CLASSROOM WITH CURTAIN BETWEEN MEN SITTING ON ONE SIDE AND WOMEN ON THE OTHER VARIOUS OF STUDENTS (SOUNDBITE) (Dari) STUDENT AT IBN SINA PRIVATE UNIVERSITY, FATIMA SALAQZADA, SAYING: "Do not create problems and challenges in the field of education (asking the Taliban), so that we can carry on with our activities
- Embargoed: 21st September 2021 15:02
- Keywords: Bitcoin El Salvador El Zonte currency economy tourists
- Location: EL ZONTE, EL SALVADOR
- City: EL ZONTE, EL SALVADOR
- Country: El Salvador
- Topics: South America / Central America,Government/Politics,Editors' Choice
- Reuters ID: LVA003ETPYYIV
- Aspect Ratio: 16:9
- Story Text:The El Salvadoran beach town of El Zonte is visibly poor, with dirt roads and a faulty drainage system. But in one way, it's ahead of many others of its kind around the world: It has bitcoin.
This week El Salvador adopts bitcoin as legal tender. And a pioneer in the digital currency in the country is this surfing hotspot El Zonte.
President Nayib Bukele has cited local business Bitcoin Beach as inspiration for his push to adopt the cryptocurrency nationally.
Three young Salvadorans in 2019 began the Bitcoin Beach project backed by Californian Michael Peterson, after an "anonymous donation" of bitcoin.
Those behind the project say it has changed the lives of El Zonte residents by allowing them to save, invest and obtain profits in a town with no nearby bank branches.
El Zonte's economy depends on the flow of tourists, especially those who come to surf. And it is hoped that tourists will be lured in by the draw of the convenience of bitcoin.
(Production: Wilfredo Pineda, Manuel Carrillo, Paul Vieira) - Copyright Holder: REUTERS
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