The Central American state of El Salvador, which was the first in the world to accept bitcoin as legal tender, has turned to world-renowned crypto exchange Binance for help in introducing digital currencies into payment processes and issuing bonds with crypto assets.
This was announced by El Salvador’s ambassador to the United States, Milena Mayorga. Binance CEO Zhao Changpeng is currently on a visit to El Salvador and intends to meet with President Nayib Bukele today.
Mayorga said Zhao’s visit is a kind of “vote of confidence” in Bukele’s decision to accept bitcoin in the country along with the other official means of payment — the US dollar — last September, as well as plans to issue “cryptocurrency” bonds. Zhao is known to have already praised El Salvador for “pioneering” the introduction of Bitcoin into the payment system. Binance head believes Bukele’s presidency will be remembered in a “heroic” fashion for a bold bet on the future.
Not all business structures and financial institutions adhere to this opinion. Many are known to have met with extreme skepticism about the idea of making cryptocurrencies legal tender, and more recently officials in the country have responded quite aggressively to calls from the International Monetary Fund (IMF) for crypto-related initiatives. On Tuesday, El Salvador said issuance of bitcoin-backed bonds would be delayed.