El Salvador "can convince the world that bitcoin makes sense as a currency."

Key facts

:

  • Speakers on a panel about El Salvador agree that education will be key from now on.

  • Bitcoin will allow access to the financial system to 70% of the country’s population, they say.

Joan Godoy, member of the Central American Association of Cryptocurrency Users (ACUCRIP), assured that “the value of bitcoin (BTC) in the long term is totally valuable for the economy” of El Salvador. In addition, he said that the cryptocurrency will have a positive impact on the lower social classes and that the market in that country “can convince the world that bitcoin makes sense as a decentralized currency”.

In a conversation that took place in the framework of the Blockchain Summit Latam 2021

, Godoy added that the economy of Central America, which is generally poor despite joining the two extremes of the continent, will benefit from the adoption of cryptocurrency as a legal currency in El Salvador.

The panel that took place on the second day

of the event also included Román Martínez, co-founder of Bitcoin Beach in El Salvador, and moderator Rodolfo Andragnes, president of the NGO Bitcoin Argentina. The three speakers agreed that this September 7 was a historic day, which the whole community was waiting for and that “seemed far away”, as Andragnes said.

“Now perhaps we have to stop talking about the ‘ecosystem’ to refer to something more mainstream

,” continued the Argentine, and Joan Godoy subscribed to his words: “Bitcoin can help improve dollarized economies such as El Salvador and will have an impact on the lower social classes living in poverty.

Degree of adoption and education about bitcoin

Without omitting the enthusiasm that the event generated in the community, the panelists did not hesitate to point out that “there will not be an immediate massive adoption”, as Román Martínez said, and that “education is fundamental because people do not want to put their savings in something they do not understand yet”, as Andragnes expressed

.

However, Joan Godoy referred to a survey conducted in El Salvador that showed 77% of the country’s population against the adoption of cryptocurrency and another 12.4% in favor. While the level of rejection is normal for Godoy, he said that this latest data on acceptance “is interesting”.

El Salvador "can convince the world that bitcoin makes sense as a currency." El Salvador "can convince the world that bitcoin makes sense as a currency." Andragnes (above), Godoy and Martinez commented on the repercussions of the first hours of bitcoin as a legal currency in El Salvador. Source: YouTube.

Likewise, the ACUCRIP representative also valued the fact that international companies such as McDonald’s and Pizza Hut <a href=”https://www.criptonoti

cias.com/comunidad/adopcion/mcdonalds-pizza-hut-comienzan-aceptar-bitcoin-el-salvador/” target=”_blank” rel=”noopener”>already accept bitcoin payments, an event reported by CriptoNoticias on Tuesday. It should be noted, however, that this is an obligation for companies from the entry into force of the new law.

Finally, Roman Martinez said that bitcoin “will allow access to the financial system to 70% of the country’s population that has not had it,” although he clarified that the educational process will take time.

From El Zonte, a Salvadoran town famous for its crypto-friendly beach, Martinez was in full celebration with the cryptocurrency community in the area, and said he already saw “new faces” interested in learning more about the subject.

That said, he also made it clear that there are those who still express their rejection of cryptocurrency, mainly for two reasons. “On the one hand, because it comes from the government. On the other, because there are people who do not understand it, do not have internet connection or have old cell phones that do not support the wallets,” he explained.