El Salvador turns to Binance for help with Bitcoin adoption

Binance Chief Executive Officer Changpeng Zhao is visiting El Salvador and planning to meet with President Nayib Bukele.

Binance Chief Executive Officer Changpeng Zhao is visiting El Salvador and planning to meet with President Nayib Bukele.

El Salvador is asking cryptocurrency exchange Binance for support in making bitcoin legal tender and issuing bitcoin bonds, the Central American country’s ambassador to the United States said on Wednesday.

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Binance Chief Executive Officer Changpeng Zhao is visiting El Salvador and plans to meet President Nayib Bukele on Thursday, Ambassador Milena Mayorga told reporters.

Mayorga said Zhao’s visit is a vote of confidence in Bukele’s decision to make bitcoin legal tender last September, as well as his plan to issue bitcoin-backed bonds.

Zhao praised El Salvador for leading the way in Bitcoin adoption and said Bukele’s presidency will be remembered in “heroic” ways for its bold bet on the future.

The country’s adoption of Bitcoin has been plagued by public skepticism about the cryptocurrency, which has fallen significantly in value since hitting a record high in early November.

On Tuesday, the government said it was delaying the planned Bitcoin bond issuance.

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