El Salvador was the first country in the world to adopt cryptocurrency as legal tender.
Cryptocurrency is becoming more and more popular every day. A few days ago, the small Central American nation of El Salvador became the first country in the world to officially recognize Bitcoin as legal tender. On July 1, the country’s National Assembly voted to approve a law that makes Bitcoin and other cryptocurrencies legal tender in the country.
El Salvador became the first country in the world to officially adopt Bitcoin as a legal tender in late 2017. The move was made possible by a special law that passed in Congress, and the country’s central bank issued a new, special banknote that features the logo for the cryptocurrency. The move was a boon for the country’s tourism industry, and it made some people happy, but not everyone is a fan of the change. Some of the people who oppose the move feel that it will make El Salvador a haven for money laundering, and others are worried that the law could make it easier for foreigners to avoid taxes.The decision was announced by the country’s president, Nayib Bukele, during a video broadcast at the Bitcoin 2021 conference in Miami. Next week I will send a bill to Congress that will make bitcoin a legal tender, he reportedly said. The president also said the country has entered into a partnership with popular digital wallet company Strike to build a modern financial infrastructure in the country using bitcoin technology. Bukele explained the reason for his decision in a series of tweets on Twitter, in which he changed his profile picture to laser eyes. From his tweet: The market capitalization of #Bitcoin is $680 billion. If 1% of that amount were invested in El Salvador, it would increase our GDP by 25%. On the other hand, #Bitcoin has 10 million potential new users and the ability to transfer $6 billion a year in fastest growing remittances. Jack Mullers, founder of Strike, believes that owning bitcoin is a way to protect emerging markets from potential shocks associated with fiat currency inflation. Mullers added that this initiative will help unlock the power and potential of bitcoin for everyday use on an open network that will benefit individuals, businesses and utilities. In El Salvador, where the economy relies heavily on cash, the introduction of bitcoin would allow for greater financial inclusion of the state’s citizens. Financial inclusion is not only a moral imperative but also a means to grow the country’s economy through access to credit, savings, investments and safe transactions, the President said.
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Crypto-enthusiasts have welcomed news of the event, as many believe it shows that the leading crypto asset is gaining momentum on a global scale. According to Justin Sun, founder of TRON, this decision by the US state will lead to more cryptocurrency investors and entrepreneurs setting up shop here. Crypto-currency investors and entrepreneurs will start moving to El Salvador! #Bitcoin – Justin Sun (@justinsuntron) 6. June 2021 Michel Saylor, CEO of Microstrategy and one of the leading proponents of bitcoin, also tweeted: Welcome to Bitcoin. At the same time, Caitlin Long, CEO of Avanti Bank, called the announcement a historic day in bitcoin history. 1/ ACT ON THE HISTORICAL DAY OF #bitcoin: The president of #ElSalvador has publicly expressed support for a bill to recognize #BTC as legal tender. When *if* it becomes law, it will have many side effects. Prepare yourself, because there could be a big fight coming up on this site https://t.co/BrrNxaLzpZ0. – Caitlin Long (@CaitlinLong_) June 6, 2021 CZ, a senior executive at leading cryptocurrency exchange Binance, asked his followers to predict the next country to launch BTC, before adding: Salvador’s nice.
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The crypto community is probably not too happy with El Salvador right now. On Wednesday, April 11th, the Central American nation became the first country in the world to adopt Bitcoin as legal tender. The government of El Salvador first started accepting Bitcoin for taxes on officially licensed businesses back in early 2017, but this new step makes the digital currency a real legal tender.. Read more about salvador world first country bitcoin legal and let us know what you think.
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