How a Nation is Taught Crypto in El Salvador
Bitcoin in El Salvador is an official means of payment together with the US dollar. All stores are required to accept bitcoin as a means of payment, as well as employers have the right to pay salaries to employees in bitcoin.
Thanks to this policy of the state, many residents of the country are holders of bitcoin. But in order to use cryptocurrencies and have benefits from all their advantages, it is necessary to know the technology and understand it.
For this purpose educational programs are conducted in the country aimed at popularizing knowledge about cryptocurrencies and bitcoin.
When El Salvador accepted Bitcoin as legal tender on June 8, 2021, very few Salvadorans, except for President Nayib Bukele, understood blockchain technology and could explain concepts such as Satoshi or mining.
The Salvadoran government has a grand task - to teach people how to use bitcoin and tell them about the advantages of the technology.
This was spelled out in the legislative acts. According to the Bitcoin Law, “The State will provide training on the use of this cryptocurrency.”
The state has a task to implement bitcoin classes as quickly and efficiently as possible so that the residents of the country can deal with new money and use it competently.
In spite of the existence of legal norms providing the training about blockchain technology and knowledge about bitcoin, cryptocurrency users in the country note that “No one here knows anything about Bitcoin. The Government has not provided the necessary education to the people of El Salvador.”
As a result, despite bitcoin being included in financial education programs, as well as in financial literacy programs throughout the country, many citizens of the state do not understand the technology, which prevents the wider spread of bitcoin.
In addition to government cryptocurrency education programs, there are also non-governmental programs such as Mi Primer Bitcoin, founded by Dennehy in 2021, which offers Salvadorans free bitcoin education.
This program received funding from the Looking Glass, and from ALEX Mercado, a Bitcoin and Lightning Network service provider.
Classes come down to financial literacy, from the history of money to what problems money solves. Financial literacy and Bitcoin education go hand in hand.
This program tells the students how to make savings, pay taxes, plan expenses, personal or family budget in order to effectively use not only cryptocurrencies but also all the money.
There are also specialized programs for young people, such as Bitcoin Diploma, aimed at teenagers, for those who most want to learn about money, because they know that money is inextricably linked to their independence.
In order for people to use bitcoin, they must have a good understanding of the technology and the benefits it offers.
NATIONAL BUREAU OF ECONOMIC RESEARCH shows that 10% of the country's population is now an active bitcoin user, while 1/5 of sellers in El Salvador currently accept bitcoins.