After El Salvador’s Congress made Bitcoin BTC/USD legal tender last year, a village in the country made headlines for showing the rapid adoption of Bitcoin in the entire region.
At the El Zonte village, residents and visitors have been able to use Bitcoin to pay for anything from utility bills to buying bread. Close to 500 fishing and farming families use Bitcoin for their daily needs.
El Zonte even has a Bitcoin ATM, which gives dollars in exchange for bitcoin or takes dollars and gives credit in bitcoin.
An avid proponent of Bitcoin, El Salvador President Nayib Buekele has led his country to purchase 1,801 BTC as of January 2022 which is roughly $77 million of worth.
Bukele says that the government will create a $150 million fund to allow people receiving payments in Bitcoin to immediately convert them to dollars.
On Sunday evening, CBS’s “60 Minutes” is featuring the Bitcoin Beach project during an entire segment on El Zonte’s Bitcoin adoption, its economy, and Buekele’s effort to promote the apex cryptocurrency.
How did a town in El Salvador become known as Bitcoin Beach? Sunday, Sharyn Alfonsi meets with Mike Peterson who helped make it happen. pic.twitter.com/tHaHsTKFx1
— 60 Minutes (@60Minutes) April 8, 2022
The show will air an interview with Mike Peterson, one of the people who funded the project and encouraged crypto adoption by local residents.
Last month, U.S. lawmakers have introduced the “Accountability for Cryptocurrency in El Salvador (ACES) Act” to investigate the impact of El Salvador’s adoption of Bitcoin as legal tender.
Photo: mauro dido on flickr
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