El Salvador Became the First Country to Legally Adopt Crypto

El Salvador Became the First Country to Legally Adopt Crypto

El Salvador became the first country in the world to adopt cryptocurrency as a legal currency. Keep reading this article to find out all the details. Read on!

El Salvador became the first country in the world to adopt cryptocurrency as a legal currency. Keep reading this article to find out all the details. Read on!

A "new" currency has gained legal tender for the first time in the world this Tuesday. And it is not a new type of ticket.

Since this September 7, El Salvador became the first country to adopt bitcoin as a legal tender, in a movement that has caused the nation and many other countries to debate the opportunities and dangers of cryptocurrencies.

A "new" currency has gained legal tender for the first time in the world this Tuesday. And it is not a new type of ticket.

As of this Tuesday, Salvadoran companies and businesses are obliged, as far as possible, to accept the controversial digital currencies as a form of payment.

The acceptance of the new currency comes three months after the Legislative Assembly approved in express format the so-called Bitcoin Law, which went ahead thanks to the vote in favor of 62 of the 84 deputies that make up the Parliament, with an official majority.

To encourage its use in a country where the majority of the population does not have access to the internet, the government is inviting Salvadorans to download a new digital wallet application that gives away US $ 30 in bitcoins to all citizens.

The president of El Salvador, Nayib Bukele, announced on Twitter that his country bought the first 200 bitcoins and that they were working to buy more "as the deadline approached."

The government has presented the measure as a way to boost economic development and employment and benefit those who send remittances.

The president of El Salvador, Nayib Bukele, announced on Twitter that his country bought the first 200 bitcoins and that they were working to buy more "as the deadline approached."

However, polls suggest that Salvadorans are not prepared for this and international organizations such as the World Bank and the International Monetary Fund have warned against its adoption.

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