How El Salvador can earn millions in fees and taxes by becoming a financial technology hub

When El Salvador's chairman, Salvador Sanchez Ceren, blazoned that his country would accept bitcoin as a form of payment for levies and academy freights, he was not sure what to anticipate.

The Central American nation has had a turbulent relationship with the United States over the times. In the 1980s, as part of a makeshift war between the Marxist guerrillas of the Farabundo Marti National Liberation Front and El Salvador's government, further than,000 Salvadorans were boggled by government forces at the hands of death outfits. TheU.S.- backed military latterly enforced programs of ethnical sanctification against indigenous people in corridor of Central America known as death outfits.
In recent times, still, El Salvador has come an doubtful center for blockchain technology development thanks to its strategic position between two mainlands North and South America and because it shares a border with Mexico and Guatemala.

The country is home to one of Latin America's largest attention of blockchain startups, with over 60 active companies working on distributed tally technology( DLT) systems similar as smart contracts and identity operation systems.