Last month, lawmakers of El Salvador officially approved the use of Bitcoin, granting it the status of legal tender. No country in the world had taken such drastic measures before. El Salvador's President Nayib Bukele said the adoption of Bitcoin would allow Salvadorans working overseas to easily make transfers to their loved ones in the country.
This was initially reported by Reuters, citing the President's speech. In Bukele's opinion, such a measure would allow creating new jobs in the country in the shortest possible time and will help provide access to financial investments for many people.
However, most of the population of El Salvador is skeptical about the initiative of Bukele to promote Bitcoin as a legal financial instrument.
The survey conducted by Disruptiva, which involved 1,233 people, took place from 1 to 4 July. According to the results, 46% of respondents know nothing about cryptocurrency. About 65% are not ready to use it as a payment method.
Since Bitcoin became the official currency of El Salvador along with the US dollar, the government of this country must create all the necessary infrastructure for cryptocurrency settlements within 90 days. The President said that local authorities have already begun cooperating with companies in the Bitcoin space to prepare the infrastructure. Bukele stressed that El Salvador would become the first Bitcoin state.
Among other things, Bukele instructed LaGeo to start government mining using cheap, 100% clean, and renewable volcanic energy.
LaGeo already owns two geothermal power plants, which can produce a total of 644 MW of energy, but only a third of this resource is being used at the moment.
According to Bukele, another power plant will be built, capable of generating an additional 95 MW.