One would expect education before the launch of a project but El Salvador took the reverse decision in its Bitcoin as a legal tender move. A report shows 90% of El Salvadorans have poor or non-existent knowledge of Bitcoin.
Paxful, a major peer-to-peer (P2P) Bitcoin (BTC) platform, is attempting to assist Salvadorans in making better use of the cryptocurrency, which became legal cash in the country last year.
Paxful announced the opening of “La Casa Del Bitcoin,” a new educational and training centre in El Salvador that would provide free Bitcoin education.
Functions of the La Casa Del Bitcoin
Paxful will organize educational workshops and seminars on Bitcoin and financial inclusion in the country as part of the initiative. The centre will focus on increasing local community understanding of the benefits of buying and selling BTC as a means of exchange in order to accelerate the next wave of Bitcoin broad adoption.
The centre will also house the offices of the Built With Bitcoin Foundation, a nonprofit organization based in the United States that uses Bitcoin and cryptocurrencies to provide clean water, quality education, sustainable farming, and humanitarian aid. Ray Youssef, co-founder and CEO of Paxful, is the foundation’s executive director.
“Bitcoin education is the key to financial freedom, and El Salvador is leading the way with the help of the Bitcoin community,” said Yusuf Nessary, director of philanthropy at the Built With Bitcoin Foundation.
According to Will Hernandez, Paxful’s head of Latin American growth, the company’s Salvadoran users have increased by 300 percent. “What we’re experiencing in El Salvador is a moment of transformation.”
Peer-to-peer platforms are driving adoption in emerging economies, and as a people-powered platform, we recognize the importance of education in the next wave of adoption,” he said.
Despite El Salvador’s adoption of Bitcoin as legal cash on Sept. 7, 2021, Paxful’s latest attempt to boost Bitcoin knowledge in the country is in response to some existing crypto-related mistrust among El Salvadorans.
As previously reported, in September 2021, up to 90% of El Salvadorans indicated their comprehension of Bitcoin was inadequate or non-existent. According to a later poll, more than half of El Salvador’s population has never heard of Bitcoin.
