Bitcoin legal tender in El Salvador

[Anchor]

With the election of cryptocurrency-friendly Trump, the price of Bitcoin has been fluctuating.

There is a country that uses Bitcoin as legal tender.

That country is El Salvador, located on the opposite side of the globe in South America.

Bitcoin is accepted in restaurants, cafes, and even animal hospitals.

Street vendors selling shaved ice also accept Bitcoin.

Our correspondent Park Il-jung reports from the field.

[Report]

At El Salvador's gateway, San Salvador International Airport.

I ordered a $2.50 bread at a restaurant right in front and paid with 0.00002557 Bitcoin.

[Restaurant Staff: "You can pay by scanning the QR code with your mobile phone."]

From street cafes to animal hospitals, it is possible to live solely on Bitcoin.

This became possible about three years ago when the El Salvador government designated Bitcoin as legal tender.

[GPI Money: "Whether it's legal tender or not doesn't matter. I will continue to use Bitcoin."]

In the beach town of El Zonte, which has been using Bitcoin since 2019, even the street vendors selling shaved ice accept Bitcoin.

As it became famous for Bitcoin, the number of tourists has also increased.

[Nihat/German Tourist: "Obviously because of the Bitcoin Beach. That was my main reason because I am for many years already an enthusiast of Bitcoin and the community."]

The government has also made significant profits.

As of 12 PM local time on the 6th, El Salvador holds about 6,000 Bitcoins, with a return rate exceeding 120%.

However, there is still a long way to go in daily life.

The number of citizens who have actually used Bitcoin has been on the decline since its introduction.

The government distributed $30 to encourage people to create Bitcoin accounts, but most of them just spent that money.

[Cynthia/El Salvador Resident: "Our family doesn't believe in it. We are not interested in holding Bitcoin."]

The poorer segments of the population cannot afford to use Bitcoin, which seems complicated.

There are also limitations in pricing with Bitcoin.

[Jose Luis Magana/Economist: "Due to its volatility, Bitcoin cannot serve as a unit of account. Technically, Bitcoin does not fulfill the functions of money."]

Using Bitcoin as legal tender in El Salvador can be likened to using both the won and the dollar simultaneously in South Korea.

However, if the subject is something as unfamiliar as Bitcoin, the transition process is bound to be more challenging.

This is Park Il-jung reporting from San Salvador.