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El Salvador is Becoming the Rally Point for Crypto Development

coinquora.com
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The country of El Salvador leads the mass adoption and development of cryptocurrency technology globally. Read CQ to learn more.
El Salvador the center of cryptocurrency development.

AABBG tokens pegged from the gold mines owned and operated by Asia Broadband.

Traditional financial systems had been operating smoothly for centuries when the advent of cryptos and blockchains showed us the serious issues they face. As a response to these issues came our contemporary decentralized financial (DeFi) system built on blockchains and powered by cryptocurrencies. DeFi promised to bring a paradigm shift toward a better, more people-centric, and inclusive financial system.

Although relatively new, DeFi and cryptos' numerous use-cases and low barriers to entry are pushing companies and even countries to jump onto the crypto bandwagon.

Leading this movement on a national scale is El Salvador. In the world's first, the small Central American country El Salvador passed a bill to adopt Bitcoin as its co-legal tender alongside the U.S. dollar. Salvadorans can now use Bitcoin to pay their taxes and debts and they can use BTC to denote the prices of goods and services.

This sudden move by the Salvadoran government garnered eyeballs from across the globe. While some hailed the idea, others criticized the move. There are also those who saw this as an opportunity to push forward the adoption of cryptocurrencies.

Among the opportunity-seekers is the Nevada-based firm Asia Broadband. In a recent development, the firm revealed its plans…
Jay Manila, Alyssa Wiselin, Tina Mutare
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