TL; DR Breakdown
- Bitcoin to boost El Salvador’s economy
- BTC ATM manufacturer to set up base in El Salvador
- Country to use volcanic power for crypto mining
El Salvador has made the news this month with its direct approach to matters crypto. It all began when the country’s president announced that Bitcoin would be legal tender. Since then, a lot has happened, both positive and negative. On one hand, the UN isn’t happy that El Salvador is adopting BTC. The organization turned down the country’s request for help with its new economic transition.
On the other hand, the crypto community has gone all out to help El Salvador curve up a legacy as the first ever country to accept BTC. From the look of things, the positives outweigh the largely nonconsequential negatives by far. A Bitcoin delegation to El Salvador was the first thing to happen.
Bitcoin to boost economy
Two weeks ago, El Salvador’s president, Nayib Bukele, went out of his way to highlight the huge benefits that his country stands to get by accepting Bitcoin as legal tender. According to him, even if just 1% of the crypto’s market cap is invested in the country, it will cause an impressive 25% increase in GDP. That’s not a positive that any forward-thinking government would want to block.
Crypto ATMs in El Salvador
Now, it appears that El Salvador will actually gain more than was expected. Nobody expected a Bitcoin ATM manufacturing company to set up base in El Salvador, but it’s about to happen. ChainByets has announced its intentions to do just that. El Salvador will now be exporting BTC ATMs to the rest of the world.
This will increase the country’s economic gains from the BTC industry. Who would have thought that such a small Central American country would turn out to be an integral part of the evolving global economy?
El Salvador isn’t only accepting Bitcoin, but also planning to start mining it. The country plans to use electricity generated from volcanic activity for crypto mining.
This puts the country in the forefront among the world governments working to reduce reliance on coal and fossil fuels that have been known to increase global warming. In fact, harnessing volcanic power could help reduce the effects of volcanoes in the environment.