El Salvador authorities met with the head of Binance
The government of El Salvador has turned to the cryptocurrency exchange Binance to help introduce bitcoin into the country. Last year, the state became the first in the world to adopt cryptocurrency as a legal means of payment. For digital money to come into circulation, it needs to be introduced into standard processes, and bonds secured through crypto-assets need to be issued.
The director of the Binance exchange met with the president of El Salvador to agree on a procedure for introducing bitcoin into the country’s economy. Now the state already has one national currency – the dollar, and bitcoin is expected to become the same in function as a means of payment. According to a representative of Binance, El Salvador has made a huge step into the future, recognizing digital money as a full-fledged financial instrument. However, not everyone in the country agrees with this decision. Many companies do not share the enthusiasm about the introduction of bitcoin, doubting how effectively the currency can be used. In addition, the IMF also opposed the government’s move and demanded that El Salvador abandon bitcoin programs. To deal with the situation, the authorities announced the postponement of the issuance of secured shares, but the timing of their introduction is still unknown.
Binance is the world’s largest blockchain platform, which, among other services, provides the ability to trade various digital assets. The exchange gives the opportunity to invest in a variety of products using cryptocurrencies. It was founded in 2017 by a programmer, Changpeng Zhao, who gained experience creating trading software at Bloomberg Tradebook Futures.
In 2017, Binance conducted an ICO, an initial public offering of tokens, in which the exchange raised $15 million. At that time, the number of users of the platform was more than 20 thousand people.
The exchange was actively developing, and already in 2018, the management had to close the possibility of registration for new users. This step was due to the process of improving the functionality of the platform. Registration was restored in a few days, and in just one hour 240 thousand people became new participants of Binance. During the same period, the exchange became the world leader in its segment.
Binance provides spot and margin trading, as well as futures and P2P transactions. More than 1,200 trading pairs, including fiat, are available on the exchange for the spot option. Leverage is possible for margin transactions, and six cryptocurrencies are accepted for futures contracts, including the most popular ones – Bitcoin and Ethereum. About 150 payment options are available for P2P, including bank transfers, e-wallets, and cash.