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Anonymous donation, pandemic consolidate bitcoin economy on Salvadoran beach

Some 40 businesses on central El Salvador’s El Zonte beach have promoted a local exchange project with bitcoin as currency, consolidated by an anonymous donation and strengthened amid the Covid-19 pandemic.

After almost two years of using the cryptocurrency, this community of farmers and fishermen are at the forefront of El Salvador becoming the first country in the world to make it legal tender through its Bitcoin Law.

The initiative, approved early Wednesday by Congress and at the request of President Nayib Bukele, has generated conflicting opinions, mainly due to the lack of information on how the government will promote it.

However, this community continues to see bitcoin as a long-term investment opportunity to meet its goals, long denied by the traditional financial system.

El Zonte is a popular area for foreign and national surfers. From the moment one arrives in the village, signs saying “We accept bitcoin” can be seen everywhere.

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