San Salvador:
El Salvador is seeking support from cryptocurrency exchange Binance for the implementation of bitcoin as legal tender and the issuance of bitcoin bonds, the Central American country’s ambassador to the United States said Wednesday.
Binance Chief Executive Officer Changpeng Zhao is visiting El Salvador and plans to meet with President Nayib Bukele on Thursday, Ambassador Milena Mayorga told reporters.
Mayorga said Zhao’s visit was a vote of confidence in Bukele’s decision to use bitcoin as legal tender last September, as well as his plan to issue bitcoin-backed bonds.
Zhao praised El Salvador for taking on a pioneering role in bitcoin adoption and said Bukele’s presidency would be remembered in “heroic” terms for his daring bet on the future.
The country’s adoption of bitcoin has been plagued by public skepticism about the cryptocurrency, which has fallen significantly since it hit an all-time high in early November.
On Tuesday, the government said it was postponing the planned issuance of bitcoin bonds.