At El Salvador's Bitcoin Beach, a glimpse of crypto economy

3 years ago
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https://apnews.com/d30c52b39e16ef49e4b6342fdc885c92

EL ZONTE, El Salvador (AP) — After El Salvador’s congress made the bitcoin legal tender this week, eyes turned to this rural fishing village on the Pacific coast. Known to surfers for its pounding waves, El Zonte has had the cryptocurrency in its economy for the past year.

Some 500 fishing and farming families use bitcoin to buy groceries and pay utilities, something the government envisions for the country at large. Bitcoin already was legal to use in El Salvador but its acceptance was voluntary, so the legislation passed late Tuesday now requires all businesses — except those without the technology — to accept payment in bitcoin.

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