El Salvador adopts Bitcoin as official currency

It is expected that trading in cryptocurrency will help them save around $400 million

El Salvador has now become the first country in the world to accept Bitcoin as the legal tender.

The government of El Salvador announced the decision on Tuesday. They claimed that this move will give the opportunity to a many citizens of the country access to bank services for the first time.

It is expected that trading in cryptocurrency will help them save around $400 million in fees that is demanded by the banks and other financial institutions on the money sent home by expats.

The cryptocurrency became as a legal currency of the country after a bill was passed by the parliament in June. The bill was approved by President Nayib Bukele within 24 hours of being presented by Congress.

The president has announced that El Salvador had bought it's first 400 Bitcoins and even promised that more of the cryptocurrency will be coming to the country.

Bukele wrote on Twitter, "Tomorrow, for the first time in history, all the eyes of the world will be on El Salvador. Bitcoin did this."

To increase the acceptance of Bitcoin within the country, the El Salvador government is also installing more than 200 Bitcoin teller machines which will be guarded by soldiers to prevent any possible arson. Bukele also announced  each citizen will get $30 for adopting the cryptocurrency.
The government plans to eradicate the  economy struggling of the country with this new system in their economy.

India Scanner News Network

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