El Salvador Becomes First Country to Adopt Bitcoin as Official Currency

President Nayib Bukele tweeted that the government has a large amount of bitcoin ahead of the deadline to make it El Salvador's official currency.

San Salvador: El Salvador became the world’s first country to adopt bitcoin as an official currency on Tuesday.

The Central American country has stated that it intends to purchase “a lot more” bitcoins in the near future. It bought 200 tokens earlier and another 200 recently, ahead of its legal tender rollout.

President Nayib Bukele tweeted that the government has a large amount of bitcoin ahead of the deadline to make it El Salvador’s official currency.

“El Salvador just bought 200 new coins,” wrote Bukele. “As the deadline approaches, our brokers will be buying a lot more,” he added.

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El Salvador will accept bitcoin payments in addition to the US dollar, which has been the country’s official currency since 2001.

According to Shivam Thakral, CEO of BuyUcoin, El Salvador’s decision to make Bitcoin legal tender will increase financial inclusion in their country because the majority of the population does not have access to formal banking channels.

“In India, we take a different approach to cryptocurrency. We see it as an asset class rather than legal tender. Because they have an investment horizon of 2-3 years, Indian investors have shown their faith in cryptocurrency even during massive price fluctuations” Thakral recently stated in a statement. “We are eagerly awaiting CBDC (central bank digital currency) in India, which will open up new growth opportunities for the digital asset industry,” he added. (IANS)

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