El Salvador’s adoption of bitcoin has been surrounded by public skepticism about the cryptocurrency.
San Salvador:
El Salvador is seeking support from cryptocurrency exchange Binance to implement bitcoin as legal tender and issue bitcoin bonds, the Central American country’s ambassador to the United States said on Wednesday.
Binance CEO Changpeng Zhao is visiting El Salvador and plans to meet with President Nayib Bukele on Thursday, Ambassador Milena Mayorga told reporters.
Mayorga said Zhao’s visit was a vote of confidence in Bukele’s decision to adopt bitcoin as legal tender last September, as well as a plan to issue bitcoin-backed bonds.
Zhao praised El Salvador for playing a leading role in the adoption of bitcoin and said that Bukele’s presidency will be remembered in “heroic” terms for his bold bets on the future.
Bitcoin adoption in the country has been surrounded by public skepticism about the cryptocurrency, which has depreciated substantially since hitting a record high in early November.
On Tuesday, the government said it was delaying plans to issue bitcoin bonds.
