Bitcoin Breaks Through

Mexican cryptocurrency company Bitso is now officially allowed in El Salvador, which just made bitcoin an official currency. Bitso is a platform that allows several transactions, “Buy and sell bitcoin or any of the other 8 cryptocurrencies available, and store them in one place.”

Pablo Gonzáles, Co-founder and Chief Design Officer at Bitso, explained to MBN the benefits cryptocurrencies can bring to people. “Blockchain technology allowed the creation of completely decentralized digital currencies; they do not belong to any state or bank, but to the people themselves, which also represents a completely transparent system since the record of transactions can be accessed publicly on the blockchain.” This technology has reached new heights as Bitso is set to enter El Salvador as an official currency, making it the first country to ever accept this technology officially.

Gonzáles insists that this is just the beginning for this technology as it has been rapidly growing for years now, “This decade will mark a new era of innovation and collaboration with crypto communities around the world. That is why we continue to work hard to contribute to the development of an entire community, through the design of products that are increasingly innovative.” It is yet to be seen if this technology will continue to take over and even become official in more countries.

This is a major step for the Mexican company as it continues to expand throughout Latin America. The platform announced a new service at the beginning of this month: “Bitso, the largest cryptocurrency platform in Latin America, becomes the main provider of cryptocurrency services for the electronic wallet Chivo, through which Salvadorans will be able to interact with bitcoin instantly, securely and for free.” However, Moody’s, downgraded El Salvador in July mainly because of the Bitcoin law. Jaime Reusche, who is part of Moody’s rating team, announced the main concerns regarding the new law: “Having that risky exchange volatility is what was trying to be avoided when El Salvador adopted the dollar.”