Other Latin American Countries Look To Follow Path Of Bitcoin Beach

Lawmakers in a few South American countries have been paying close attention to Bitcoin Beach in El Salvador. A small Salvadoran beachside community, known as El Zonte, has developed a functional economic ecosystem that runs on Bitcoin.

The new payment method was so successful that cryptocurrency was used to fund the Salvadoran Olympic Surf Team.

According to Stockhead:

Panamanian congressman Gabriel Silva posted on Twitter that he was preparing a proposal to present at the national assembly.

“This is important, and Panama cannot be left behind,” he wrote. “If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies.”

Paraguay congressman Carlitos Rejala posted a photo of himself with the Bitcoin “laser eyes for US$100k” meme and promised he’d this week he’d introduce an “important project to innovative Paraguay in front of the world!”

While the price of bitcoin suffered a pretty dramatic hit last week, many still see a promising future with cryptocurrencies.