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El Zonte is a town in La Libertad Department in El Salvador.A popular tourist destination, El Zonte has been described as a "world surfing mecca". [1] Playa El Zonte (English: El Zonte Beach; nicknamed Bitcoin Beach) became one of the first locales in El Salvador to accept Bitcoin as a payment method, and inspired the country's adoption of Bitcoin as a legal tender.
El Salvador became the first country in the world to use bitcoin as legal tender, after having been adopted as such by the Legislative Assembly of El Salvador in 2021. [1] It has been promoted by Nayib Bukele, the president of El Salvador, who claimed that it would improve the economy by making banking easier for Salvadorans, and that it would encourage foreign investment.
At Bitcoin Beach, ground zero for crypto in El Salvador, tourism has shot up. Many local businesses are happy about the influx, but several bemoaned skyrocketing prices, particularly of land as ...
Bitcoin City is a planned smart city project in La Unión, El Salvador.The planned city is intended to be a tax haven, and to use geothermal energy to power Bitcoin mining. . The feasibility of its reliance on both geothermal energy and Bitcoin have been the subject of criticism, alongside concerns regarding delays in the project's financing and construct
Despite these changes, the administration insists it remains committed to bitcoin. Milena Mayorga, El Salvador's ambassador to the United States, has said that El Salvador is still a "bitcoin ...
As bitcoin reached historic highs, surpassing $100,000 for the first tim e, El Salvador's President Nayib Bukele was triumphant on Thursday about his big bet on the cryptocurrency. The adoption of ...
In June 2021, the Legislative Assembly of El Salvador voted legislation to make bitcoin legal tender in El Salvador, alongside the US dollar. [a] [10] [5] [11] The law took effect on 7 September, making El Salvador the first country to do so.
Four months into El Salvador's Bitcoin experiment, few use the cryptocurrency, fraud has been widespread, and the country has lost up to $22 million. El Salvador's president buys Bitcoins 'naked ...