By Larry Wright
El Salvador President Nayib Bukele put the country on the map of the world in 2021 by making Bitcoin the legal tender. Since then, the country has struggled with Bitcoin adoption and faces issues from both internal and external forces.
However, despite the better opposition, the government has shown the will to maintain its stance on Bitcoin. Milena Mayorga is the Ambassador of El Salvador to the USA, and she recently talked about the impression of the nation on the matter of Bitcoin adoption.
She was appointed by the president of El Salvador to her current position in September 2022. She worked as a member of the legislative assembly of El Salvador from 2018 to 2020.
Commenting on the matter of Bitcoin adoption as the legal tender of the nation, she claimed that the country made a deliberate decision to ignore CBDC over Bitcoin adoption.
Zap Solutions is a cryptocurrency startup founded by Jack Mallers that uses Lighting Network for making Bitcoin payments. Mallers recently gave a throwback to his prediction at the 2021 Bitcoin Miami Conference about the possibility of Bitcoin’s legal adoption in El Salvador.
Recently, he shared a video clip of the Salvadorian president talking about this matter and shared an excerpt from the proposed bill.
The news about Salvador’s announcement for an enlisting in Reuters made international headlines when Bukele announced Bitcoin Law during a public address. The state then declared the acquisition of 200 Bitcoins to the national reserve and shared a resolution to add more to the national reserve.
In 2021 alone, the National reserve of El Salvador made 11 purchases and accumulated around 2,381 Bitcoins.
El Salvador Signs New Agreement to Help Spread Bitcoin Adoption
Ambassador Mayorga shared that El Salvador has signed an MOU with the Swiss City of Lugano. The Memorandum is directed towards increasing the Bitcoin adoption process in both regions and also promoting Bitcoin adoption in the neighboring states.
She also talked about the office of Salvador in Lugano, which includes an honorary consul that will work as a Bitcoin spokesperson in the Swiss region in addition to Italy and other European nations.
She claimed that before Bitcoin, El Salvador was known for its gang and poverty. However, since the introduction of Bitcoin world has started to view Salvador as a place with Bitcoin facilities.
Furthermore, more businesses have shown an interest in the region on account of its geothermal plants powered by Volcano power and the proposition of Bitcoin City that will attract more cryptocurrency enthusiasts in the future.