HE WILL JOIN US IN A MOMENT. >>> LET'S TALK ABOUT CRYPTO. SEVEN MONTHS SINCE EL SALVADOR MADE BITCOIN A NATIONAL KR CURRENCY THE PRESIDENT OF THE COUNTRY PROMOTED IT, BUT PEOPLE WANT TO KNOW DOES IT WORK AND DOES ANYONE USE IT? GADI SCHWARTZ SPENT TIME ON THE GROUND IN EL SALVADOR TO FIND OUT. >> Reporter: THIS IS A FIRST COUNTRY TO TAKE THE PROMISE AND DREAM OF BITCOIN AND ACTUALLY TURN IT INTO AN OFFICIAL CURRENCY THESE ARE THE ATMs WHERE PEOPLE LOAD UP PHONES AND USE BITCOIN TO BUY EVERY DAY THINGS. HOW DOES IT WORK >> WE FINALLY GOT OUR MONEY TWO HOURS LATER. $199.01. I'M NOT SURE WHERE THE 99 CENTS WENT THEY HAVE SPECIAL LINES FOR PEOPLE PAYING IN BITCOIN WE GOT GROCERIES, BUT NOT BECAUSE WE PAID IN BITCOIN THEY SAID THE TRANSACTION WAS CANCELED IT HAS SHOWN IT WENT THROUGH ON THE ACCOUNT. WE ARE DOWN $14. THE SECOND TIME WE USED BITCOIN IN EL SALVADOR WITH STRIKE WALLET 0 FOR 2.
>> WOW GADI IS BACK FROM EL SALVADOR. HE JOINS US. GADI, WHO DID YOU TALK TO FROM THE GOVERNMENT HOW IS THE SALVADORIAN PRESIDENT DEFENDING THE MOVE TO ADOPT BITCOIN? THE IMF SAID DON'T DO THIS >> Reporter: ON PAPER, EL SALVADOR IS THE PERFECT PLACE TO EXPERIMENT, FOR SEVERAL REASONS. ONE REASON, $6 BILLION REMITTANCE FROM THE UNITED STATES TO PEOPLE IN EL SALVADOR. THE PUSH BY THE PRESIDENT DOWN THERE WAS TO TAKE SOME OF THE FEES THAT ARE PAID ON THE REMITTANCES AND PUT THEM IN THE POCKET OF PEOPLE IN EL SALVADOR TO THE TUNE OF $400 MILLION. THAT IS ONE REASON THE OTHER REASON IS 70% OF PEOPLE IN EL SALVADORDON'T HAV ACCESS TO BANK ACCOUNTS. THE CONCEPT OF HAVING A SAVINGS ACCOUNT IS ALMOST FOREIGN. I WAS TALKING TO ONE GUY DOWN THERE. HE SAID THE CASH IS LIKE WATER THE SECOND YOU PULL IT OUT OF YOUR POCKET, IT SEEMS TO DISAPPEAR. YOU SPEND IT YOU PUT IT DOWN AND IT JUST GOES AWAY HAVING THE SECURE PLACE TO KEEP MONEY WHEN 70% OF PEOPLE DON'T HAVE BANK ACCOUNTS IS ANOTHER BIG REASON THOSE ARE THE REASONS THE GOVERNMENT IS PUTTING FORWARD TO TRY TO GET THIS WIDESPREAD ADOPTED.
THE THIRD REASON IS BECAUSE OF TRUST. IN EL SALVADOR, PEOPLE TRUST THE PRESIDENT. HE HAS APPROVAL RATING OF 85% TO 90%. EVERY WORKING CLASS PERSON SAID THEY TRUST THEIR PRESIDENT WHEN WE WERE DOWN THERE WHEN IT COMES TO BITCOIN, CASH NEEDS TO WORK 100% OF THE TIME YOU HAVE ONE BAD TRANSACTION OR TWO BAD TRANSACTIONS AND THIS THING ON THE PHONE GETS LOST ALONG THE WAY OR THE BALANCE DOESN'T SHOW UP OR YOU PUT MONEY INTO THE ATM AND IT TAKES TWO AND A HALF OR UP TO EIGHT HOURS TO HIT YOUR ACCOUNT. A LOT OF SITTING AND WAITING A LOT OF ANXIETY FOR THE PEOPLE OF EL SALVADOR, MOST OF THEM HAVE TRIED IT THEY WERE ALL GIVEN $30 OF BITCOIN AT THE BEGINNING OF THE EXPERIMENT THEY WENT TO THE GROCERY STORE A LOT OF LINES FORMED. WE HELD UP THE LINE FOR TEN MINUTES JUST TRYING TO GET IT TO WORK IT DIDN'T WORK WE WERE DOUBLE-DOUB.
