El Salvador is seeking support from cryptocurrency exchange Binance for its implementation of bitcoin as legal tender and the issuance of bitcoin bonds, the Central American country's ambassador to the United States said on Wednesday.
Binance Chief Executive Officer Changpeng Zhao is visiting El Salvador and plans to meet President Nayib Bukele.
Mayorga said Zhao's visit was a vote of confidence in Bukele's decision to adopt bitcoin as legal tender last September, as well as its plan to issue bitcoin-backed bonds.
Zhao praised El Salvador for taking on a pioneering role in the adoption of bitcoin and said Bukele's presidency would be remembered in "heroic" terms for its bold bet on the future.
The country's adoption of bitcoin has been beset by public skepticism about the cryptocurrency, which has depreciated substantially since hitting a record high in early November. I can remember IMF faulting El Salvador for accepting Bitcoin. The envy that IMF felt then. I wonder how they will feel when they see what the likes of Axie Infinity is doing to give income to those in developing countries, Social Good is doing to give crypto cash back to people or what Binance is doing by investing in a lot of projects scattered all over the country.
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