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El Salvador becomes first country to adopt Bitcoin as official currency

Bitcoin a dud in El Salvador, first country to make it legal tender
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El Salvador became the first country to recognise bitcoin as legal tender on Tuesday, despite initial difficulties when the government had to unplug a digital wallet to meet demand.

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 has just bought its first 200 coins,” Bukele wrote. “Our brokers will be buying a lot more as the deadline approaches,” he added.

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

EI According to Shivam Thakral, CEO of BuyUcoin, 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, our approach towards crypto is different. We don’t see it as a legal tender but as an asset class. Indian investors have shown their faith in crypto even during the massive price fluctuations because they have an investment horizon of 2-3 years,” Thakral said in a statement recently.

“We are eagerly waiting for CBDC (central bank digital currency) in India which will open up new avenues of growth for the digital asset industry,” he added.


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Brendan Taylor

Brendan Taylor was a TV news producer for 5 and a half years. He is an experienced writer. Brendan covers Breaking News at Insider Paper.

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