40 kilometers from San Salvador is Zonte Beach, nicknamed Bitcoin Beachinternational surf tourism city, where the sponsor wanted to create first circular economy bitcoins in the world.

Bitcoin Beach

Gustavo has a small hotel on this beach: “I I use Bitcoin to make payments, more than all the charges. It’s used the most with foreigners, people who come from abroad and use it to pay, whether it’s food or housing,” he says.

Raquel is a waitress at one of the best restaurants in Bitcoin Beach and she also explains that “most tourists pay in bitcoins”. She says it’s very easy to use: “You just go to the front desk, say you’re going to pay with Bitcoin, and they tell you the number of Bitcoin you’re going to use. And so the transfer took place. That’s great easy And fast“, he assures.

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Two years after El Salvador stunned the world by becoming the first country to make Bitcoin official currency, the balance was not as expected. Economist Julia Evelyn has scrutinized the use of this cryptocurrency despite the government’s lack of transparency. For her, “this is a negative balance”.

Negative balance

This government policy Naib Bukele had two goals which were not fulfilled, the economist estimates: “One, increase financial inclusion of the population of El Salvador who do not have access to financial services in the banking sector. So he intended that these 70% of the population, excluded from formal banking, through Bitcoin, could transact, could make deposits, could have savings… However, this was not accomplished because 88% of El Salvador’s population does not use Bitcoin“