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How Has Bitcoin Adoption Affected El Salvador’s Economy? And the steps to get a free trip there!

El Salvador, a country located in the northern part of Central America, was once known around the world for its magnificent volcanic landscape and vibrant Latin culture. However, in addition to its natural beauty and cultural charm, El Salvador has recently attracted worldwide attention for a unique reason: its bold stance in the field of cryptocurrencies and in particular... Bitcoin.

As The first country in the world to adopt Bitcoin As legal tender. El Salvador has also generated interest and discussion among cryptocurrency investors around the world. So how did Bitcoin change this country and people's lives after El Salvador declared it legal tender?

The origin of the relationship between El Salvador and Bitcoin

The relationship between El Salvador and Bitcoin dates back to June 2021, when Salvadoran President Nayib Bukele announced that Bitcoin was legal tender, hoping to combat financial exclusion and improve economic efficiency. Before that, El Salvador's currency was the US dollar, but the country faced many financial problems, including high remittance costs, low financial inclusion, and inflation.

Bitcoin was seen as a potential solution to these problems. Its decentralized and global nature allows it to bypass the traditional financial system, providing a new financial option to those who cannot access traditional banking services. Additionally, as a crypto asset in limited supply, Bitcoin can also help El Salvador combat inflation and currency devaluation. Declaring Bitcoin as legal tender means that Bitcoin has the same legal status as the US dollar in El Salvador, allowing people to freely use Bitcoin for transactions and payments, which has also improved the convenience and economic efficiency of international transfers .

To this end, El Salvador also adopted legislation that states: “Bitcoin LawThe country “is committed to promoting the financial inclusion of its citizens in order to better guarantee their rights. » Additionally, the classification of Bitcoin as legal tender means that Salvadoran citizens who hold or benefit from Bitcoin are exempt from capital gains tax.

The financial revolution that Bitcoin brought to El Salvador

For more than 6 million Salvadorans, the introduction of Bitcoin is not only a new means of payment but a financial revolution that brings equality in financial services. Before that, around 70% of Salvadorans did not have a bank account or credit card and could not benefit from the simplest traditional financial services. The widespread direct participation in financial activities via smartphones, thereby benefiting from convenient cryptocurrency services – which also fundamentally promotes the improvement of financial inclusion. This decentralized cryptocurrency system breaks the monopoly of traditional banks, giving more people the opportunity to participate in the global economy.

Additionally, El Salvador's reliance on the US dollar as legal tender means that its monetary policy has been indirectly influenced by US economic policies. The introduction of Bitcoin has, to some extent, offered El Salvador another opportunity for economic independence, although this comes with the risk of Bitcoin price volatility.

The global significance of El Salvador's decision

El Salvador's successful experiment with Bitcoin not only has profound implications for the country, but also serves as a case study for the world. Currently, residents of many countries and regions face similar dilemmas to those in El Salvador, namely lack of access to basic financial services. The diffusion and application of cryptocurrencies offers a new solution for this population, as trading platforms contribute to the diffusion of cryptocurrencies in the third world.

“Travel less is more” campaign and free trip to El Salvador – How to participate and prices?

  • To participate and have a chance to win, new CoinEx users who register and execute a single trade (with a total trading volume ≥ 200 units on any market) during the campaign will automatically qualify for the draw. spell. Click here to subscribe and more information

  • On the other hand, existing CoinEx users need to fill out a form and refer 10 friends to sign up and trade during the campaign period. At least 3 referred friends must complete successful trades (with a total trading volume ≥ 100U in any market) to qualify.

As for the ViaBTC campaign, users who contribute their BTC mining hash rate to ViaBTC for more than 5 days during the event period will also be eligible for a draw to win a 7-day trip to El Salvador. Users can Share here now. Ranked fifth in terms of Bitcoin hash rate, ViaBTC is a comprehensive global cryptocurrency mining pool.

Learn more about the price of the free trip to El Salvador

The five randomly selected winners will embark on a seven-day, six-night trip to El Salvador, including round-trip airfare and accommodation covered by CoinEx and ViaBTC.

CoinEx and ViaBTC will also provide branded clothing and accessories to start the winners' journey in style. For additional rewards, winners who create and share a travel video featuring CoinEx and ViaBTC items on social media will receive food and drink vouchers worth $50.

CoinEx, as a global cryptocurrency exchange, provides a secure and transparent gateway for the distribution and application of cryptocurrencies, allowing more people to easily enter the world of cryptocurrencies. CoinEx focuses on creating a fair cryptocurrency trading environment, allowing users from all countries and regions to enjoy professional, simple and secure cryptocurrency trading services through the platform. Adhering to one of its core concepts of “simplifying complexity”, CoinEx simplifies the complex process of trading crypto assets into a seamless trading experience. Currently, CoinEx offers over 900 crypto assets and over 1,300 trading markets, allowing assets from any chain to be seamlessly traded. At the same time, by promoting cryptocurrencies and blockchain technology, CoinEx also offers millions of people around the world who cannot benefit from traditional financial services a new path to financial freedom.

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