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El Salvador allowed the use of Bitcoin as legal tender last year. However, the major issue with this move was that many Salvadorans did not have knowledge about the cryptocurrency market. Paxful is stepping in to fix this knowledge gap. Paxful is a peer-to-peer (P2P) Bitcoin platform working to help Salvadorans to use Bitcoin when making their payments.
Paxful educating Salvadorans on Bitcoin
On Wednesday, Paxful issued an announcement on the launch of “La Casa Del Bitcoin.” This is a new center dedicated to training and educating Salvadorans about Bitcoin. The training services will be given free.
Paxful will organize workshops and talks that revolve around Bitcoin and the financial sector in El Salvador. Those who enroll for these sessions will be enlightened about the benefits of buying and selling Bitcoin and how the primary cryptocurrency can be used as a means of exchange. This move can help boost the rate of Bitcoin adoption in El Salvador.
The education center will also host the offices of the Built with Bitcoin Foundation. This is a non-profit organization based in the United States that enriches Salvadorans with clean water, quality education, sustainable farming and provides humanitarian support. The organization supports its initiative through Bitcoin and other cryptocurrencies.
The director of this initiative is the co-founder and CEO of Paxful, Ray Youssef. Yusuf Nessary, the director of philanthropy at the Bitcoin Foundation opined that “Bitcoin education is the key to financial freedom and El Salvador is leading the way with the support of the Bitcoin community.”
Honored to be part of this conversation. #Bitcoin education is the key to financial freedom and #ElSalvador is leading the way with the support of the Bitcoin community. It will take all of us. #BuiltWithBitcoin https://t.co/YpEy9nnbdQ
— Yusuf (@YusufBWB) February 1, 2022
Challenges of BTC adoption in El Salvador
The launch of this education center comes at a time when El Salvador’s Bitcoin efforts are facing a myriad of challenges. The country is currently staring at losses from its Bitcoin investments after the cryptocurrency market took a plunge last month. The country had earlier been warned by the IMF about the adverse effects of BTC’s volatility to the country’s economy.
Additionally, the level of BTC adoption has remained relatively low due to the lack of knowledge regarding how the BTC ecosystem works. Some Salvadorans have remained skeptic about the use of Bitcoin as legal tender. Despite these challenges, the country has continued to expand its BTC holdings.
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