Bitcoin Price doesn’t affect El Salvador, Dania Gonzalez, was recently in Brazil to discuss her country’s experiences with the decision to make Bitcoin (BTC) legal tender.
Rodrix Digital, a digital influencer who was recently in El Salvador to make a documentary about cryptocurrencies, invited Gonzalez to Brazil.
Attending Bitcoin 2022 and meeting with Dape Capital CEO Daniele Abdo Philippi and Ana Élle, CEO of Agency ROE were among the lawmaker’s actions in Brazil.
El Salvador just bought the dip! 🇸🇻
500 coins at an average USD price of ~$30,744 🥳#Bitcoin
— Nayib Bukele (@nayibbukele) May 9, 2022
In Brazil, the legislator attended Bitconf 2022 and spoke with Dape Capital CEO Daniele Abdo Philippi and Ana Élle, CEO of Agency ROE.
Gonzalez chatted with Cointelegraph in between her agendas, revealing how Bitcoin has changed people’s lives in El Salvador and how the federal government, led by President Nayib Bukele, has been using the resources invested in Bitcoin to strengthen the economy.
When asked about El Salvador’s Bitcoin investment and how it would affect people’s lives if the value of the currency falls, Gonzalez said that every investment has a cost and a profit.
She explained, “What Nayib Bukele did was acquire Bitcoins and profit at a crucial period.” “There are moments when you may earn from cryptocurrencies, and there are times when you must invest more.”
Now that cryptocurrency is down, which is natural, instead of being unhappy and thinking you’ve lost all your money, it’s time to buy more Bitcoins because the price is low right now, and that’s the approach.”
El Salvador, according to Gonzalez, is already benefiting from Bitcoin investments, citing two projects — a veterinary hospital and a public school — that were made feasible by the cryptocurrency. She went on to say:
“Bukele built a veterinary hospital to benefit the population where services, any service for your pet, costs US$0.25. Even an operation costs this amount and that is accessible to the entire population.
Bitcoin has been converted into a benefit for the people. Now with the reserve we have in Bitcoin, we must build 20 more schools.
Before Bitcoin, to do this we had to approve projects, include it in the nation’s general budget and use people’s money to construction.
Now these works are done thanks to all the profits made with Bitcoin.”
Bukele’s method, according to Gonzalez, has already proven to be beneficial in terms of socioeconomic effects.
“This is the primary reason why the president purchases Bitcoins as well,” she explained.
“He does this in order to produce profits for people’s social projects ”
This is more than just words for the people because they can see a portion of public services being realized owing to Bitcoin income.”
CBDC Cointelegraph spoke with the congressman about central bank digital currencies, or CBDCs, and how their issuance by countries can affect the bitcoin market.
Gonzalez believes that cryptocurrencies and CBDCs should coexist in the digital ecosystem that will drive nations in the future, noting that she does not see a conflict between the two.
Furthermore, she noted that governments’ intended issuance of CBDCs demonstrates that they recognize the importance of the crypto economy.
CBDC activity is on the rise, but few initiatives make it past the pilot level.
El Salvador is also striving to enhance the impacts of the Bitcoin Law and will create an ecosystem based on cryptocurrencies, with the elimination of taxes for sectors related to the crypto economy, according to the deputy.
She also stated that additional laws will be rewritten to fit the changing demands of the digital economy and to lessen the amount of bureaucracy in government procedures. She went on to say:
El Salvador’s financial inclusion conference has central bankers yelling Bitcoin, literally.
Day 3 saw the 44 central bank and financial delegates attending make a trip to the country’s iconic El Zonte or "Bitcoin Beach."
— Cointelegraph (@Cointelegraph) May 20, 2022
Bitcoin Changes People’s Lives
Gonzalez also told Cointelegraph that the legalization of Bitcoin as a form of payment drew in investors and businesses from all over the world and enhanced merchants’ and communities’ independence from bank monopolies.
“It provided an opportunity for small retailers to have a new payment gateway,” she explained, “since payment channels may be cash, credit, or debit cards.” “However, if you go to a bank and apply for a [point of sale] to accept credit or debit payments, you must pay a membership fee as well as a commission that can be as high as 9% for each purchase.”
“Bitcoin is entirely decentralized finance,” she added, “and there is no commission if you use the national wallet.”
Financial remittances from Salvadorans living in other countries, such as the United States, are another direct advantage mentioned by the deputy. According to Gonzalez, there are approximately 3 million Salvadorans living outside of El Salvador’s boundaries, primarily in the United States.
Remittances from the United States can now be made without costs, thanks to Bitcoin, she noted. Gonzalez also stated that El Salvador’s Bitcoin Law cost Western Union $400 million in remittance revenue last year.
Bitcoin Beach and Surf City
And all the Central Bankers screamed…. pic.twitter.com/MxdOrYD3lc
— Bitcoin Beach (@Bitcoinbeach) May 20, 2022
The deputy also stated that in El Zonte, a project named Surf City is now ongoing, with the goal of training the local people to take advantage of surfing tourists, as the beach offers some of the best waves for the sport.
“These communities have now profited from job prospects in businesses or work in hotels and restaurants that have more potential than before,” she explained.
“Now more visitors come to El Salvador because they can pay for everything they want with Bitcoins.” “I know of companies that relocated from Singapore a few months ago and now employ roughly 50 Salvadorans.
” This demonstrates how Bitcoin has altered people’s lives in El Salvador.”
Furthermore, the deputy underlined how Bitcoin has benefited the unbanked, who can now access financial services without the bureaucracy of traditional systems thanks to cryptocurrency:
The Heartz Team