Though Bitcoin became legal tender last year, 90% of El Salvadorans said their awareness about crypto was inadequate or missing.
Paxful, a major peer-to-peer (P2P) Bitcoin (BTC) platform, is seeking to assist Salvadorans in making effective use of the cryptocurrency, which became legal tender in the nation last year.
Paxful declared the unveiling of "La Casa Del Bitcoin," a new training and education institute in El Salvador that will provide free Bitcoin education.
Paxful will conduct educational sessions and workshops on Bitcoin and financial assistance in the country as part of the initiative. The facility will aim to increase community awareness of the advantages of trading BTC as a medium of exchange to accelerate the next round of Bitcoin wide adoption.
The facility will also host the offices of the Built With Bitcoin Foundation, a non-profit organization based in the United States that uses Bitcoin and cryptocurrencies to provide pure water, good education, sustainable agriculture, and humanitarian relief. 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 support of the Bitcoin community,” said Yusuf Nessary, director of philanthropy at the Built With Bitcoin Foundation.
Will Hernandez, Paxful's director of Latin American growth, says that the company's Salvadoran users have grown by 300%. “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 said.
Despite El Salvador's adoption of Bitcoin as legal tender on Sept. 7, 2021, Paxful's recent attempt to boost Bitcoin knowledge in the nation is in reaction to some current crypto-related uncertainty among El Salvadorans.
In September 2021, as reported earlier, up to 90% of El Salvadorans stated their knowledge of Bitcoin was inadequate or missing. As per a recent survey, more than half of El Salvador's population has never heard of Bitcoin.
