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Bet on bitcoin, El Salvador is under great pressure

2022-06-24 09:17:28Chinese industry information station

Began in “ Bitcoin beach ”

The recent cryptocurrency crash has raised more questions about the Salvadoran government's bitcoin policy , In particular, the government used nearly 1 Billion dollars of public funds to buy bitcoin . Now , Purchased in the country 2300 The value of bitcoin has fallen to half of what it was when it was purchased , But the finance minister shrugged off the criticism , claim “ The financial risk is minimal ”.

Salvadorian “ Bitcoin movement ” It began in elsonte, a surfing and fishing town in the south of the country .2019 In, an anonymous donor began to provide bitcoin to local cryptocurrency enthusiasts , Since then, many donations have been made . No one admits to knowing who he is , The town holds these digital currencies on the premise that they cannot be converted into US dollars . The idea is to create the world's first circular bitcoin economy , People can pay with bitcoin and make a living .

This is a radical idea . In the rest of the world , Bitcoin can be used for online shopping , But except for a few fashions coffee Outside the museum or one-time project , It is impossible for people to use it on the street . so far , Elsonte has received from the donor a value of about 35 $10000 bitcoin , For this shabby but beautiful town , This is not a small sum of money . Now , It's called “ Bitcoin beach ”.

Application is still uneven

Katrina was one of the first beneficiaries of this wave of bobbitts . Two years ago. , She took a lifeguard training course . Organizers use bitcoin to pay transportation and meals for students .“ then , We pawned 6 Months of lifeguards and receive wages paid in bitcoin .” She said . Some businesses in elsonte say their turnover has increased 30%, Because driven by the cryptocurrency channel of video websites , Some tourists are attracted by the novelty of bitcoin consumption .

However , The use of bitcoin in El Salvador is still uneven . distance “ Bitcoin beach ” The farther , The less likely it is to be able to shop with this digital currency . stay “ Bitcoin beach ”, About half of the businesses that accept bitcoin , But driving north 80 Minutes after arriving in San Salvador, the capital of El Salvador , This proportion is only about 1/4.

The government of El Salvador indicated that , It has no plans to force companies to accept bitcoin , So far it has been limited to providing incentives . Although in this country , Cash is still very important , More than half of Salvadorans do not have bank accounts , But President bucker has 2 $billion of public funds were injected into the subsidized bitcoin wallet application “Chivo”. Any download of this App People can get value 30 US $bitcoin as registration fee , This may explain why a population of more than 650 Ten thousand countries , The App It was downloaded 400 Ten thousand times . But many people use “Chivo” It's for dollar transactions, not bitcoin transactions , For example, people working in foreign countries send money to their relatives in China . There are signs , After the initial surge of interest , Now people are reducing the App Use .

The president wants to build “ Bitcoin City ”

The International Monetary Fund has been urging El Salvador to withdraw its decision to make bitcoin legal tender , Think bitcoin is too unstable . Tatiana · Malloquin and other local economists are also increasingly worried . Malloquin said , The Salvadoran government does not have enough money to help the vulnerable , Therefore, we should not risk injecting public funds into cryptocurrencies . She also believes that the relevant practices lack transparency .“ We don't know when or with what money they bought bitcoin .” However , Morena, Minister of tourism of El Salvador · Valdez insisted that , Although the value of bitcoin is falling , But Salvadorans have confidence in the President .

Now? , El Salvador wants to go further . President bucker has announced a plan , A new city will be built at the foot of a volcano ——“ Bitcoin City ”. He hopes to sell 10 $ “ Volcanic bond ” To raise money . Officials say they are confident they can raise money , And repay the impending 8 Billion dollars of foreign debt . But as this government continues to gamble heavily on bitcoin , The fall in cryptocurrency has put them under a lot of pressure .( By Joe · Poodle , Ding Dingyi )

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