A village in El Salvador is taking a pro-crypto stance following the aftermath of the global pandemic that has altered many lifestyles.
According to a recent Forbes article, El Zonte, a little village in El Salvador, has made proposed building a crypto driven economy. The bitcoin ecosystem will consider the use of crypto for remittances, tourism, and the public sector.
So how is it that a little village in one of the smallest countries in South America is taking this aggressive approach to crypto adoption? One of the primary reasons for choosing this new stance is that tourism revenues have reduced drastically because of the pandemic. This gap in revenue expectations has prompted the village to seek solace in a bitcoin driven economy, as a panacea to dwindling revenues.
The venture was launched by an unknown contributor who found an "overlooked thumb drive stacked with bitcoin" bought when BTC 1 could be gobbled up for around USD 5-10. The benefactor has since "allotted a multi-year six-figure contribute to El Zonte.
There have been some beneficiaries from this project, such as youngsters getting paid in BTC for cleaning refuse, bitcoin awards for promising undergraduates -- and even bitcoin-financed school transportation.
According to a tweet from @bitcoinbeach, which showed a food vendor, with a delivery vehicle branded with the bitcoin logo, selling food to locals, the vendor has recorded sales to the tune of 0.5BTC in 6 weeks, making food deliveries to locals who couldn't go out due to quarantine measures.
Source: Cryptonews
