At a time when many governments around the world, such as China, are restricting the adoption of cryptocurrency with increased regulations. A small Central American country with a population of just about 7million poeple has become the first country to accept Bitcoin as legal tender in a move that has got both national and financial analyst across the world debating the opportunities and dangers of such bold move. From today, businesses in El Salvador will be obliged where possible to accept the digital coins as payment.

The government is giving a $30 incentive to citizens to encourage them download the new digital wallet app. Currently more than 200 new cash machines are being installed across the country to enable dollars to be converted into Bitcoin.



UNPRECEDENTED MOVE BUT HOW HAVE THE CITIZENS REACTED

The government has presented the measure as a way to boost economic development and jobs however Polls suggest Salvadorians are not prepared for the move, Recent protests in the capital, San Salvador, have demonstrated a lack of confidence in the move as many citizens are still unfamiliar with cryptocurrency.

A survey by the Central American University (UCA) found that only 4.8% of the 1,281 asked understood what Bitcoin was and how it was used. More than 68% of those questioned said they disagreed with using crypto-currency as a legal tender. But someone is excited about the announcement.
26 years old taxi driver Daniel Hercules, is excited by the move, but also worried about how stable his earnings will.

"I've accepted Bitcoin for about two months since I knew this was coming. I just had someone pay me $40 in Bitcoin for a fare to the airport but it's rare. Only around 10% of customers prefer to pay with Bitcoin." Another excited party is former El Salvadorian resident and now US-based Bitcoin enthusiast Gerson Martinez who believes El Salvador won't be the last country to adopt Bitcoin.

"It's hard to describe the hope and joy it makes me feel that our country is the first domino to fall in this inevitable transition. What a time to be a Salvadoran,"

Source: https://www.brokeyahooboy.com/2021/09/small-central-american-country-becomes.html?m=1