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

EL ZONTE, El Salvador (AP) — After El Salvador’s congress made the bitcoin legal tender this week, eyes turned to the rural fishing village of El Zonte on the Pacific coast. Known to surfers forits 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. That’s 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 to accept payment in bitcoin. El Zonte’s mini bitcoin economy came about through an anonymous donor who started working through a local nonprofit group in 2019.

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Associated Press

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