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El Salvador is an important player on the cryptocurrency stage, being the first nation to wholly embrace Bitcoin as a legal tender.
A month after the government disclosed that all businesses would have to accept payments with the pioneering cryptocurrency, the Bitcoin price chart registered significant improvements, and the asset reached its ATH of around $68,789. This means that businesses are now operating with two official currencies: Bitcoin and the US dollar, the latter of which replaced the El Salvador Colon as the official currency in 2021.
The movement subsequently led to improvements in tourism rates. However, the same level of progress cannot be attributed to the adoption of digital coins. The reluctance to embrace cryptocurrency for commercial purposes is primarily linked to the prevailing issue of financial exclusion and the number of unbaked residents.
Furthermore, the nation has shown tremendous support and interest in boosting the public’s general knowledge of Bitcoin and blockchain – the revolutionary technology underlying them. In a recent move to foster digital development and lay the foundation for Web3, Google declared its collaboration with Nayib Bukele, El Salvador’s president, to allow the populace access to Google Distributed Cloud services. Based on the press release, it’s the first time that a government in Latin America uses cloud solutions.
The partnership will span seven years, during which more areas of the educational, governmental, and healthcare systems will be researched and worked upon to boost digitalization. One goal is to create an office and legal entity focusing on all these aspects.
In the upcoming sections, we will delve into the implications of the ceremoniously announced news and the prospects for this collaboration.
Leveraging a one-of-a-kind platform
Google and El Salvador committed to creating a unified Education Data Platform for individuals from the public education leadership to parents, educators, and administrators. It also aims to improve the healthcare system. For instance, medical doctors will gain access to real-time data for an enhanced healthcare experience.
Here’s how the partnership plans to correct inefficiencies, improve the educational and healthcare systems, and drive digitalization in government projects and processes.
Education. The partnership plans to create a fully integrated education data platform that will empower leaders in the sector to leverage updated, consistent, and compelling information. Google for Education is now the leading learning platform for participants in the country’s educational system due to previous efforts to modernize and streamline the data system, which started in 2021.
El Salvador’s Department of Innovation and the Education Ministry leveraged Google Workspace as the primary platform for over 1.5 million educators and students and 83 government agencies. Other similar undertakings have already been deployed.
For instance, Bitcoin Beach, a town and coastal community in the country that gathered thousands of users, taught more than 25,000 students about digital currencies and offered a diploma to each graduate through the nation’s education system.
Healthcare. Based on the tech giant’s statements, the collaboration will pave the way for doctors to access superior, updated information. El Salvador has already leveraged AI technologies offered by Google Cloud to help healthcare professionals work with more consistent data in order to enhance the public sector’s experience.
Government. Digitalization in government areas is a must, especially in a country that lags in digitalization. The newly formed partnership will streamline operations, such as electronic invoicing, research, and other endeavors. Google Distributed Cloud is a managed cloud solution that combines software and hardware to enhance the creation of public cloud services. Governmental organizations will use this collection of cloud products and step up their efforts to boost connectivity throughout the nation.
El Salvador is one of the most significant adopters of Bitcoin
El Salvadorians have greatly accepted cryptocurrency, governed by pro-Bitcoin president Nayib Bukele. According to recent research conducted by Crypto Betting, a decentralized platform for gaming, El Salvadorians are among the most passionate about learning how cryptocurrency, blockchain, and related notions work.
The study encompassed more countries and assessed the queries registered by Google associated with crypto-related topics and the country’s Bitcoin ATM adoption. The findings are that this Central American country of approximately 6.3 million people ranked second among the nations showing the most significant interest in the sector, receiving 46.19 points out of 100.
A year ago, the country’s president, Nayib Bukele, announced an investment in Bitcoin would be made on a daily basis.
Taking an example from other companies’ undertakings
The asset has consistently faced criticism because of the energy- and environmentally damaging nature of the process used to create new Bitcoins. El Salvadorian parties interested in tackling issues like climate change and deforestation are seeking solutions to make an industry that’s well-implemented in the country less damaging.
According to statements by Volcano Energy, $ 1 billion will be directed to constructing a bitcoin mining farm in the Metapán region of the country. More investors are partnering for the projects’ deployment, including the launcher of USDT, Tether.
Google is not the only party interested in creating solutions for El Salvadorians. As the mining stage becomes less deteriorating, more ventures may spread across the country, potentially creating more occupations and jobs.
El Salvador welcomed crypto exchange to provide services to citizens
Google isn’t the first giant to make forays into the crypto sphere and create partnerships to drive digital literacy and advancement in El Salvador. Binance, the largest cryptocurrency exchange platform in the world, was introduced to the country on the 8th of August after the government granted the company two critical licenses. These come in the form of a Digital Asset Service Provider license and a Bitcoin Service Provider license.
El Salvador is one of the most significant supporters of Bitcoin and related technology, and more strides in this realm are expected to be made in the future. Bitcoin’s reputation in the country is considered a critical factor that pushed this collaboration. The nation is on its way to becoming a hub for innovation.
the utilization of Google’s cloud service and improved exposure to this digital solution will speed up the country’s progress toward digitalization and improve connectivity.
