cryptocurrency

Bitfinex sends more bitcoins to El Salvador

Popular cryptocurrency trading at Bitfinex Announced that she will donate almost 36 Bitcoin plus $600,000 in Tether funds to El Salvador in Central America. The company says this is all part of its ongoing efforts to support the nation.

El Salvador gets BTC from Bitfinex

El Salvador has always been a bitcoin-loving country. The country was the first to announce a legal tender for bitcoin in September last year, claiming it was doing so to facilitate remittance payments and that it was looking to become less dependent on the US dollar.

The nation has seen a lot of barricades from institutions like the World Bank. The foundation stated that it would not help El Salvador realize its bitcoin dreams given that representatives felt the cryptocurrency was too volatile to be taken seriously. The International Monetary Fund (IMF) also asked El Salvador to reject all BTC.

The funds provided by Bitfinex will be distributed equally to the various towns and cities within the country. Many of these areas are vulnerable to street gangs extorting money from local business owners. As a result, their economies have plummeted, and the currency exchange wants to help them achieve a certain level of financial stability.

Paolo Arduino – chief technology officer at Bitfinex – explained in a recent interview:

By providing Bitcoin and Tether to local communities in El Salvador, we will provide vital support to small businesses while countering the effects of gang violence that has engulfed the country.

El Salvador was recently hit hard by the bitcoin crash. The world’s number one cryptocurrency by market capitalization traded at a new all-time high of around $68,000 per unit in the last weeks of November of 2021, although it is now struggling to maintain a position at $19,000 or $20,000. The asset lost more than 70 percent of its value in about nine months and the crypto space lost more than $2 trillion in overall valuation.

Long history with currency

But this does not prevent El Salvador from continuing to participate. After posting a tweet suggesting that the country was losing interest in the asset due to continued declines, Neb Bukele – President of El Salvador – quickly bought more of the world’s primary crypto assets and added a lot to the country’s inventory, suggesting that the tweet was some kind of coincidence.

El Salvador also wanted to give ordinary citizens opportunities to invest in and spend their bitcoins. Thus, the country began what is known as the Chivo wallet system, with “chivo” being a slang term for “cool”. The wallet system has faced its fair share of technical issues, though the system has mostly been successful in getting citizens together in the name of BTC.

Tags: Bitcoin, Bitfinex, El Salvador

#Bitfinex #sends #bitcoins #Salvador

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