In El Salvador’s bitcoin beach town, digital divide slows uptake – Reuters
- Date: 15-Jun-2021
- Source: Reuters
- Sector:Financial Markets
- Country:Middle East
In El Salvador’s bitcoin beach town, digital divide slows uptake – Reuters
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 the rest of the country: It has bitcoin.
The tropical surfing spot's basic infrastructure offers a glimpse of the potential pitfalls to popularizing bitcoin nationally for payments and savings, after Congress last Wednesday adopted the cryptocurrency as legal tender, a world first.
Take Zulma Rivas. The 38-year-old mother of three started accepting bitcoin payments last year for the bags of cut fruit she sells from a tray to tourists, part of an experiment called Bitcoin Beach aimed at making the town one of the world's first bitcoin economies.