In El Salvador, entrepreneurs can receive a cryptocurrency grant of $ 100,000

The El Salvadoran authorities have announced that entrepreneurs working in the Soyapango region will be able to apply for a $ 100,000 grant. This was reported by the Ministry of Communications of El Salvador on Twitter.

El Salvador en la mira de #Bitcoiners internacionales. 🌎💸

Hoy emprendedores de Soyapango reciben un donativo en #Bitcoin valorado en $ 100,000 por parte de @bitfinex con el fin de potenciar la economía de la zona. 🤩 pic.twitter.com/9Sxzz11H3J

— Gobierno de El Salvador 🇸🇻 (@Gobierno_SV) June 24, 2022

According to local journalists, the Soyapango district is «not the most prosperous» in El Salvador. Local gangs and criminals are trying to keep power in their hands, preventing entrepreneurs from developing their own businesses. It is to improve the economic situation in the region and encourage local people to work legally that the country’s authorities announced the launch of the grant.

Obviously, the launch of the cryptocurrency grant is supported by the President of El Salvador, Nayib Bukele, who legalized bitcoin last year and has repeatedly expressed his positive attitude towards virtual assets. Bukele also recently urged the crypto community not to panic because of the market decline.

The idea of supporting people from low-income areas with cryptocurrency is not new. In early June, Block/Twitter co-founder and CEO Jack Dorsey teamed up with singer Jay-Z to launch The Bitcoin Academy at Marcy Houses, a blockchain academy for low-income people in Brooklyn. The founders believe in the success of the project and are already working on its launch.