El Salvador Turns to Crypto Exchange Binance to Help Bitcoin Adoption

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El Salvador’s introduction of bitcoin has been accompanied by widespread public skepticism.

San Salvador:

El Salvador’s ambassador to the United States stated on Wednesday that the Central American government is seeking help from cryptocurrency exchange Binance to make bitcoin legal tender and issue bitcoin bonds.

Binance CEO Changpeng Zhao is in El Salvador, where he will meet with President Nayib Bukele on Thursday, according to Ambassador Milena Mayorga.

Zhao’s visit, according to Mayorga, was a statement of confidence in Bukele’s decision to become bitcoin legal cash in September, as well as a plan to issue bitcoin-backed bonds.

El Salvador was hailed by Zhao for being a pioneer in the adoption of bitcoin, and Bukele’s presidency will be remembered for his “heroic” bets on the future.

Bitcoin adoption in the country has been hampered by widespread public mistrust of the cryptocurrency, which has lost a significant amount of value since setting a record high in early November.

The government announced on Tuesday that it would postpone plans to sell bitcoin bonds.