Crypto Enthusiasts Celebrate as El Salvador Finally Implements Bitcoin Legal Tender Bill
Small Latin American country El Salvador has finally implemented Bitcoin as a legal tender, 4 months after signing it into law
The country becomes the first to accept Bitcoin as a legal tender and it is coming 12 years after the establishment of the coin
Following the new legal tender bill, Bitcoin climbed above $52,000 briefly before falling back to $51,000
El Salvador has officially become the first country to sign Bitcoin into law as a legal tender.
The flagship cryptocurrency will now become the official currency of a country for the first time in its history.
Enthusiasts of the cryptocurrency will now watch on to see if more people will be willing to carry out transactions with the crypto token.
They will also be observing the effect of Bitcoin on the economically battered nation.
At the moment, El Salvador has purchased 400 bitcoin for use, which is worth $20 million at the current market value.
The president of the country has also announced that more batches of the coin will be purchased as adoption increases.
To kickstart their adoption of the cryptocurrency, the government’s bitcoin wallet, Chivo will provide El Salvadorans with $30 worth of BTC upon registration.
In addition, more than 200 Bitcoin arms have been installed across the country to allow people to easily exchange dollars for BTC.
Following the news of the adoption, Bitcoin briefly rose to $52,900 before falling back to $51,000.