A recent report written by a Forbes contributor shows that one village in El Salvador named El Zonte with a population of 3,000 has “developed a proposal for a bitcoin circular economy which factored in remittances, tourism, public service and small business” as a direct response to the coronavirus pandemic.
The COVID-19 outbreak has hit tourism which was the village’s main economic driver very hard. However, the response now from the village is a Bitcoin-powered alternative to all conventional financial solutions.
Throughout most of the developing world students are just losing a year of education because of quarantine. We are distributing Sats to students who keep up with all their coursework and turn it in. They keep progressing in the education and help their families eat. pic.twitter.com/q0fT2mdj5o
— Bitcoin Beach (@Bitcoinbeach) June 20, 2020
Everything began when the project was kickstarted by one anonymous donor who apparently “forgotten thumb drive loaded with bitcoin” purchased when BTC 1 could be snapped up for around $5 to $10. The donor has since “allocated a multi-year six-figure donation to El Zonte.”
Teaming up with Michael Peterson who is a San Diego resident who “spends up to nine months of the year volunteering in El Zonte.” Bitcoin funds were also “injected into another beach community three hours away” named Punta Mango.
The author of the article also stated that all-corners can now use BTC and the Lighting Network to “buy anything from tacos to hardware supplies,” or even pay their utility bills with the dominant coin.
— Bitcoin Beach (@Bitcoinbeach) June 11, 2020
As a small village in El Salvador, El Zonte has also been motivating young people to clean trash and get paid in BTC, as well as releasing Bitcoin grants for promising students and even Bitcoin-funded school buses.
There are so many stories online about local businesses that started accepting BTC in the village, food stores and in general people from the village in El Salvador who are ready to make a change.
Local business that started accepting BTC. He put his little food store in his van and went to the people so they didn’t have to leave their neighborhood during quarantine. Has done about .5 BTC in sales in 6 weeks. pic.twitter.com/pF19wAuexZ
— Bitcoin Beach (@Bitcoinbeach) June 14, 2020
In times when the economy is suffering, this village in El Salvador seems to have found a great way for a change that leads to good, ignoring the fiat currency and shifting to something that can bring them closer to the future. In that manner, students are receiving money in BTC and following the cryptonews to see the value of Bitcoin and how they can spend the cryptocurrency at the local businesses.
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