With the entry into force of the Bitcoin Law in El Salvador, the different actors of the country’s economy must adapt to comply with the new regulations. To this end, the Argentine company Lemon signed an agreement with Salvadoran financial entities to assist them in the process.
Marcelo Cavazzoli, CEO of Lemon, confirmed to CriptoNoticias that, for the moment, the firm has a closed agreement with a financial institution , and that there is also another in process. The company will provide “the technological tools and software” so that Salvadoran companies can accept bitcoin (BTC) as a means of payment.
In addition to the adoption of cryptocurrency, Lemon’s role it will be “to prevent them from taking a risk due to the volatility of the asset by consolidating the bitcoins they receive in real time.” To do this, what they will do is “convert them to dollars automatically.”
The companies associated with Lemon, which are “among the largest in the country and in all of Central America” must complete a process of registration and review by the Central Bank of El Salvador which is already underway. As soon as it is ready, says the interviewee, they will begin their operations with bitcoin.
In this association, which represents “a starting point” that can be used to expand “to other countries in the region », Lemon also contributed his expertise on the subject . In addition to technology, “we train your team by explaining how blockchain, bitcoin and the rest of cryptocurrencies work.”
On the other hand, this new path that Salvadorans are beginning to travel “enables other things, such as companies having part of their treasure in bitcoin.” In this regard, Cavazzolli said that several suppliers that Lemon works with have asked for help in this regard .
A new market for Lemon in El Salvador
Beyond your collaboration With companies in the financial sector, Lemon also plans to provide services for the inhabitants of El Salvador . This idea is planned for “the first quarter of 2022”. As reported by CriptoNoticias, it is a service that Lemon already offers in Argentina.
In total, Cavazzolli highlights that the company could find in the Central American country a reachable market of two million people who will interact with this technology. This, he assures, “is little compared to other countries such as Mexico, Brazil or Argentina, but it is important because it is a great initiative,” taking into account that 6.5 million people live in El Salvador. ” In El Salvador “because of the context, there are possibilities to create and innovate that there is no other country,” he says.
To take advantage of these circumstances, Lemon has already started his set-up (establishment) in El Salvador and they already have a company incorporated to be able to provide their services there. “We are aiming for the first quarter of 2022 to have an exceeding value proposition,” says Cavazzolli, adding that the idea would be to integrate Lemon into the ecosystem that is formed together with wallets and other actors .
The current situation of bitcoin in El Salvador
To finalize the commercial agreement and carry out “an analysis of the market and the political, structural and economic situation in the day by day ”, Lemon’s team spent 20 days in El Salvador. During their stay, Cavazzolli says, they saw interest in the issue of the Bitcoin Law .
“100% of the people those we asked had heard of bitcoin. There was none that did not know what it is, “he explained. In this sense, he added that “the whole world was able to hear about bitcoin. Obviously, many had doubts and distrust. ”
Therefore, he evaluates,“ the educational part is missing ”, and they also want to emphasize that. “People have already accepted that this is going to happen and they were open to listening to explanations to learn,” he says.
As final considerations on “the historic day” that this September 7 represents, Cavazzolli He opined that “it can mark a before and after for the evolution of the ecosystem.” Of course, it is special because Lemon also contributes “his grain of sand.” “For us it is super motivating to be part and collaborate with companies as well as people so that they can join” he concludes.
