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El Salvador turns to Crypto Exchange Binance for help with Bitcoin adoption


El Salvador’s acceptance of bitcoin has been plagued by public skepticism about the cryptocurrency.

San Salvador:

El Salvador is seeking support from the cryptocurrency exchange Binance for the implementation of bitcoin as a legal tender and the issuance of bitcoin securities, the Central American country’s ambassador to the United States said on Wednesday.

Binance CEO Changpeng Zhao is visiting El Salvador and plans to meet with President Nayib Bukele on Thursday, Ambassador Milena Mayorga told reporters.

Mayorga said Zhao’s visit was a motion of confidence in Bukele’s decision to adopt bitcoin as a legal tender last September, as well as his plan to issue bitcoin-backed securities.

Zhao praised El Salvador for taking a pioneering role in accepting bitcoin, saying Bukele’s presidency would be remembered in “heroic” terms for his brave bet on the future.

The country’s acceptance of bitcoin has been plagued by public skepticism about the crypto-currency, which has depreciated significantly since reaching a record high in early November.

The government said on Tuesday it was delaying its planned issuance of bitcoin bonds.

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