“As I have been saying for a long time, our country must move forward hand in hand with the new generation.
While specific details of the project are yet to emerge, speculation is rife that it will involve both Bitcoin and Paypal.
According to Coindesk, Rejala first began following the Bitcoin trend in 2017 before eventually becoming a crypto trader himself in 2019.
In El Salvador, around 70 per cent of the population do not use or have access to banking services.
Indonesia, a huge country of 250 million plus inhabitants and up to 70 per cent don’t have bank accounts but they all have phones,” Thiel added.
Of course, each country is different and faces its own set of circumstances.
Worse still is Venezuela where inflation peaked at 1.8 million per cent in 2018.
As civil unrest continued to grow and the country’s fiat currency further deteriorated, cryptocurrency transactions soared in a bid to prevent the value of incomes being eroded.
“As soon as people get their pay or earn money doing something, they convert it right away into Bitcoin,” Thiel explained.
Many of the leading industrial nations are beginning to delve into the prospect of launching their own digital currencies, including China, the US and the UK.
Cryptocurrencies are not without their risks, particularly given the extreme volatility in the price of Bitcoin.
“I think we’re going to see a broad adoption of digital currencies across the board, it’s just in some cases Bitcoin is the ideal currency because it’s just pervasive and easily used,” posited Thiel.