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According to the Chinese crypto journalist Colin Wu, after travelling to El Salvador, the state that has adopted Bitcoin as a legal tender, the co-founder and CEO of Krypital Group, Maggie Wu, stated that in reality the state is not prepared to use and adopt Bitcoin at all.
She believes that Mexico and Brazil are much more promising for adopting the world’s flagship cryptocurrency as official means of exchange.
Kryptial Group is a major global venture company and a blockchain incubator.
A Chinese investor visited El Salvador :
— Wu Blockchain (@WuBlockchain) July 13, 2021
1. Security guards all have pistols and submachine guns;
2. Most people don’t know what Bitcoin is, and many businesses don’t accept Bitcoin;
3. Crypto markets in Mexico and Brazil are more promising. https://t.co/rqbkoRaN4Y
Guns, drugs and low Bitcoin awareness
In an interview, the Krypital CEO named several factors she believes are negative both for Bitcoin and generally for inflow of new businesses in El Salvador.
The first was the fact that nearly everyone is armed with pistols or carries submachine guns – Wu mentioned that the locals are very poor, and if the capital is more or less safe, in provincial towns there are gangsters, fire-fights, robberies, drug-trafficking and similar things.
She said that she did not bring any valuables with her and specially for that trip changed a new suitcase for an old one.
Maggie Wu also stated that absolute majority of the population in El Salvador have no idea what Bitcoin is and only few companies accept it. Although, BTC can buy goods and services there overall.
Bitcoin evangelists in El Salvador
In the country, there are Bitcoiners who are doing their best to promote BTC and many people have BTC wallets.
But generally, the population is not aware of Bitcoin despite the fact that it has been officially adopted.
There is also a place called “Bitcoin beach”, a few cafes, restaurants, where Bitcoiner enthusiasts often get together to discuss further ways of Bitcoin integration in the country and educate newbies about the king crypto.
So far, the infrastructure for Bitcoin adoption is poor in the country, they lack basic software for mining and transactions, etc. The goverment has made an official announcement about Bitcoin adoption but the basis for it had not been prepared.