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Saturday, July 2, 2022

Bitcoin Becomes Legal Tender in El Salvador

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Bitcoin has finally managed to gain a reputation in El Salvador as it became a legal Tender in El Salvador now. This is the biggest achievement for bitcoin and this day marks the historic day for bitcoin. Today, El Salvador’s “Bitcoin Law”, which was passed by the country’s Legislative Assembly in June, became valid.

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The law gives Bitcoin legal tender status in parallel with the US dollar, meaning that it could be used to pay taxes as well as goods and services in the country.  El Salvador president Nayib Bukele has stated that El Salvador recently purchased 200 BTC. Currently, it now owns 400 BTC.

Furthermore, the government of El Salvador has introduced a wallet app called Chivo. The aim is to ease the adoption of Bitcoin in the country. Moreover, it will give $30 worth of BTC to every citizen who creates an account. This has also encouraged a trend among Bitcoin fans. Many community members are believing that they will purchase $30 worth of Bitcoin today in solidarity with El Salvador.

Michael Saylor Twitter Poll

Additionally, the initiative was also encouraged by MicroStrategy CEO Michael Saylor, who received almost 90,000 votes on his Twitter poll regarding the initiative. As per the poll, 83.7% of the participants stated that they would like to buy $30 worth of Bitcoin today.

Michael wrote: “On September 7, El Salvador will officially begin using Bitcoin as its national currency alongside the U.S. dollar. Every cyber hornet Honeybee I know is planning to buy $30 in BTC tomorrow in solidarity with the people of El Salvador and their leader. Will you join us?”

Presently, the Bitcoin community is honoring El Salvador’s move, but the law hasn’t been indisputable. President Bukele is the key driver behind the bill. Hence, he has been condemned for using dictatorial tactics to get his way. In February 2020, he told soldiers to get into the Legislative Assembly to force the endorsement of a $109 million loan request from the US.

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