El Salvador’s President Bukele is betting on cryptocurrency. Bitcoin is to be introduced as an official means of payment on the 7th of September. The plan builds on a pilot project called Bitcoin Beach, which was carried out at a surfing resort in El Salvador. There, the employees were paid in Bitcoin and were able to pay with it as well. Bukele hopes the cryptocurrency will boost his countries economy.

Currently, 70% of the population do not have access to financial services and are dependent on remittances from abroad. To get the project going, Bukele is offering the digital wallet “Chivo”, which comes with a start bonus of 30 dollars. All eyes are on El Salvador. If the country succeeds, it could become a model for other countries.