As of last year, El Salvador permitted the usage of Bitcoin as legal tender. However, the main issue regarding this step was the fact that several Salvadorans were not vastly inclined as regards the cryptocurrency market.
Paxful has decided to intervene in order to fill the space. Paxful, a peer-to-peer (P2P) bitcoin space, is putting things in order so as to assist Salvadorans in utilizing Bitcoin in the course of payment.
Paxful Teaching Salvadorans About Bitcoin
Paxful, as of Wednesday, made an announcement regarding the release of “La Casa del Bitcoin.” It is a recently introduced center with the goal of educating and tutoring Salvadorans about bitcoins. This training service would be given with no added cost.
Paxful would put together workshops and talk sessions revolving around the financial sectors and Bitcoin in El Salvador.
Those who register for these sessions would get enlightened regarding the rewards of trading Bitcoin and how the basic cryptocurrency may be utilized as a medium of exchange. This step could aid the boost of the chances of Bitcoin acceptance in El Salvador.
The education platform is intended to host the offices of the “Built with Bitcoin” foundation. This is the United States-based nonprofit organization that provides our Salvadorans with good education, humanitarian backing, sustainable agriculture as well as clean water.
The organization backs up its initiative with Bitcoin and several other cryptocurrencies. The co-founder and CEO of Paxful, Ray Youssef, is the director of the initiative. Yusuf Nessary, who happens to be the director of philanthropy at the Bitcoin Foundation, was of the opinion that Bitcoin education is the major push to freedom financially, and El Salvador seems to be leading the path with the backing of the Bitcoin community.
Setbacks Of BTC Acceptance In El Salvador
The release of this Education Center happens at a period whereby El Salvador Bitcoin efforts are going through a series of challenges The country presently is viewing losses from its Bitcoin investments just after the crypto market dived down last month.
The country had initially been warned by the IMF as regards the severe effects of Bitcoin’s unpredictability on the economy of the country. In addition, the rate of BTC adoption has stayed relatively on the low side as a result of the scarcity of knowledge concerning the operation of the Bitcoin community.
Several Salvadorans have had some speculations regarding the utilization of BTC as legal tender. Irrespective of challenges faced, the country has kept on expanding its horizon in the Bitcoin ecosystem.
