Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Cryptopolitan 2021-09-07 12:33:25

El Salvador makes history as Bitcoin law comes to effect

TL;DR Breakdown El Salvador Bitcoin law comes to effect on Tuesday Sept. 7Other American countries are looking to adopt Bitcoin as legal tender . Finally, El Salvador has made history as its Bitcoin law comes into effect. No other country in the world has made Bitcoin a legal tender as the American country also marks as the first to buy Bitcoin. President Nayib Bukele announced on Monday that the Central American country made its first Bitcoin purchase on Monday. “El Salvador has just bought its first 200 coins,” Bukele tweeted. He noted that more Bitcoin purchases were going to be made on Tuesday. The purchase is part of a new $150 million Bitcoin fund passed last week by El Salvador’s Congress. The fund is to help aid conversion from BTC to USD so that businesses, households, and individuals can make or accept payments in BTC if they choose. President Bukele also appreciated the blockchain technology and Bitcoin industry for the innovations his government has embraced. In July, El Salvador began processes to make Bitcoin a legal tender when it passed its Bitcoin law to make the coin its legal tender. The decision, however, was met with praise by the Bitcoin community. Those against it came from the World Bank and International Monetary Fund as they warned that the new strategy isn’t a good idea and many Salvadorians were against the Bitcoin law idea. Series of protests have also held to reverse the decision ahead of today, ...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.