El Salvador The First Country To Adopt Bitcoin As National Currency

The small Central American state of El Salvador has recognized bitcoin as legal tender for the first time in the world. By the law, which came into force on September 7, all businesses and organizations are required to accept cryptocurrency to pay for goods and services, along with the US dollar. El Salvador has no currency of its own. At the beginning of the introduction of bitcoin as a national currency, El Salvador bought 400 bitcoins (about $ 20 million at the current exchange rate), which led to a sharp rise in the cryptocurrency rate: it exceeded 52,000 dollars. The charismatic and popular 40-year-old Salvadorian President Nayyib Bukele, who spearheaded the law, says the measure will spur economic growth and make it easier and cheaper to transfer funds back home from Salvadorans abroad. At the moment of Bitcoin adoption, about 50 thousand Salvadorans started using bitcoin. But for today, the number of Bitcoin wallet users in El Salvador has exceeded half a million, President Nayib Bukele said. Bitcoin enthusiasts around the world showed their support for El Salvador on Tuesday by each buying $30 of bitcoin.

Michael Rowels

Weekend Contributor.Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.

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