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El Salvador legalized Bitcoin as legal tender in September. However, surveys show that the nation’s Bitcoin law didn’t sit well with the broader population. This was mainly due to misunderstandings and a lack of education on the asset.
Paxful may be about to fix that. The peer-to-peer Bitcoin marketplace has just announced the launch of La Casa Del Bitcoin. The initiative is a Bitcoin educational and training center in the region.
Getting Schooled On Bitcoin
According to a press release, Paxful’s new center aims to build financial inclusion and provide accessible learning opportunities around Bitcoin. In addition, it will help extol the benefits of using Bitcoin to exchange in the local community through training and various events.
When El Salvador’s Bitcoin Law took effect, the government gave citizens a state-sponsored digital wallet called “Chivo”. Those who downloaded it received $30 in free Bitcoin as an onboarding incentive. Today, over 4 million Salvadorans have downloaded the app.
However, Alexandra Dumitru – a cryptocurrency consultant and advocate living in El Salvador – says most businesses still can’t receive Bitcoin. Despite a law theoretically mandating its acceptance, it’s still mostly reserved to big companies like Starbucks and McDonalds “that have tech teams to implement it”.
As such, Paxful’s center will be targeting small merchants and local businesses to help them plug into the Bitcoin network.
“Education continues to be a key driver of global Bitcoin adoption, and this new center represents its importance to the creation of an inclusive financial system,” said Ray Youssef, co-founder and CEO of Paxful. “From the small merchant to the Bitcoin enthusiast, we’re excited to learn from the people and share the power of Bitcoin for freedom and equal financial access.”
Classes and training at the center begin tomorrow – Thursday, February 3rd, 2022.
Over Suspicion of Bitcoin
Overall, El Salvador’s population shows overwhelming support for President Nayib Bukele’s leadership. That said, polls show they overwhelmingly disapproved of his Bitcoin law, with 70% of Salvadorans wishing for its repeal. Nearly half of respondents even claimed that El Salvador’s economy would weaken after establishing Bitcoin as a currency.
Such a weakening is yet to manifest, though, with the IMF noting a “strong economic recovery” for El Salvador in the pandemic’s aftermath. Though the organization claims this is not due to Bitcoin’s adoption, Bukele refuses to reverse course and is firmly stacking sats.