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El Salvador approves Bitcoin as legal tender

Thursday, June 10, 2021

/ by mansuralisaha

The News Cover: amidst many flip-flops around the world. and at the time of many cryptocurrencies crashing Latin America's el Salvador has become the first country in the world to adopt bitcoin. as a legal tender bitcoin will become legal tender alongside, us dollar in the next 90 days. this happened after congress approved the president's proposal to embrace cryptocurrency, it is the world's first as well as no country in the world. 

so far has adopted cryptocurrencies as a legal tender bitcoin is currently trading at 35200, which is at around half of its record levels seen earlier this year. now according to the new law, every business must accept bitcoin as a legal tender for goods or services. now unless the technology is available to do the transaction there president Bucheli brought a proposal in congress touting the use of bitcoin for its potential to help Salvadorians living abroad to send remittances back home however us dollar will also continue as legal tender the country. hopes to adopt cryptocurrencies as legal tender will bring financial inclusion investment tourism innovation and economic development for the comparatively smaller economy. 

the country will make use of bitcoin optional for individuals, and the government will guarantee its convertibility to dollars at the time of transaction. now under the el Salvadorian law bitcoin must be accepted by firms when offered as payments for goods and services tax contributions, can also be paid in the cryptocurrency analysts however, are skeptical about the move as they are afraid adopting cryptocurrencies could complicate talks with the IMF where el Salvador seeks a more than one billion dollar program the bitcoin.

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