Bitcoin education center launches in El Salvador to boost adoption

  • February 3, 2022

90% of El Salvadorans described their knowledge of Bitcoin as poor or non-existent last year despite BTC becoming legal tender.

Major peer-to-peer (P2P) Bitcoin (BTC) platform Paxful is working to help Salvadorans better use BTC as the cryptocurrency became legal tender in El Salvador last year.

Paxful on Wednesday announced the launch of “La Casa Del Bitcoin,” a new educational and training center in El Salvador to enable free learning opportunities related to BTC.

As part of the effort, Paxful will hold educational workshops and talks focused on Bitcoin and financial inclusion in the country. The center will focus on growing awareness around the benefits of buying and selling BTC as a means of exchange for the local community to further drive the next wave of Bitcoin mass adoption.

The center will also be home to the Built With Bitcoin Foundation offices, a United States-based nonprofit organization dedicated to providing clean water, access to quality education, sustainable farming, and humanitarian support, all powered by Bitcoin and cryptocurrencies. Paxful co-founder and CEO Ray Youssef is the executive director at the foundation.

“Bitcoin education is the key to financial freedom and El Salvador is leading the way with the support of the Bitcoin community,” Built With Bitcoin Foundation’s director of philanthropy Yusuf Nessary said.

According to Will Hernandez, director of Latin American growth at Paxful, the company saw a 300% increase in Salvadoran users. “What we’re witnessing is a moment of transformation in El Salvador. Peer-to-peer platforms are driving adoption in emerging markets, and as a people-powered platform, we understand that education is crucial to the next wave of adoption,” he noted.

Paxful did not immediately respond to Cointelegraph’s request for comment. The article will be updated pending new information.

Related: El Salvador relaunches Chivo wallet, plans to deploy 1,500 Bitcoin ATMs

Paxful’s new effort to raise awareness around Bitcoin in El Salvador comes in response to some existing crypto-related skepticism among El Salvadorans despite the country adopting BTC as legal tender on Sept. 7, 2021.

As previously reported, as many as 90% of El Salvadorans said their understanding of Bitcoin was poor or even non-existent in September 2021. One survey also later suggested that more than 50% of El Salvadorans were not familiar with Bitcoin.