Bitcoin Beach in El Salvador will launch its first stablecoin

Bitcoin Beach Wallet President Manuel Ayala has announced that the Bitcoin (BTC) ecosystem located on the beach in El Zonte, El Salvador will launch a stablecoin aimed at boosting the region’s economy.

The president of Bitcoin Beach Wallet told Bloomberg Line:

“We don’t have a cap, we want to go as high as possible and it will all depend on the use that is given here in the country, if they adopt it. Trade in particular, which I think has the most advantage of losing the will of Bitcoin. We also offer bill payment and remittances from abroad.

Entrepreneurs sought to promote cryptocurrency initiatives in El Zonte. In February, the couple of experts Max Keizer and Stacy Herbert launched the project dubbed “El Zonte Capital”, an investment fund aimed at positioning El Salvador as a new global paradigm of “hyperbitcoinization”.

Zonte Capital is a venture capital-based entity, whose objective is to support new projects and startups through investments, which will build the future of Bitcoin in El Salvador. It thus aims to achieve the objective of its creators, “hyperbitcoinization”. This implies a wide level of horizons in the firm, well beyond the simple promotion of the use of Bitcoin as an alternative currency.

El Zonte is a pioneer in the adoption of cryptocurrencies

Bitcoin Beach Wallet President Manuel Ayala told Bloomberg Line that the stablecoin “doesn’t have a name yet,” but is looking to provide tools for its people to address the need for cryptocurrencies. For its start it will have a support of 1.5 million dollars.

“We offer bill payment, international money transfers, a payment network with credit and debit cards, we are expanding the network of merchants that we already have. El Zonte is ready and we are looking to expand it to El Salvador.

In May, BeI[n]Crypto reported that the Bitcoin community in El Zonte, Bitcoin Beach, met with representatives of the Salvadoran Ministry of Education to plan the possibility of integrating Bitcoin (BTC) education into the Salvadoran formal education system.

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The meeting was held at the Hope House, and during the meeting Bitcoin Beach members presented their ideas and educational projects to the leaders. With this meeting, the possibility that the Salvadoran Ministry of Education is considering integrating BTC education into the formal system is real.

“Big meeting yesterday with @EducacionSV – #ElSalvador moving forward with plans for #BTC education across the public school system. This is definitely invaluable on @MyfirstBitcoin_ @torogozde.”

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