El Salvador Becomes World's First Bitcoin Nation

in #investing • last year

Yes, on September 7th, 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender. The new law means that Bitcoin can be used for all types of transactions, including paying taxes, and must be accepted by businesses in the country alongside the US dollar, which has been the official currency in El Salvador since 2001.

President Nayib Bukele, who proposed the law and pushed it through the country's legislature, believes that Bitcoin adoption will bring financial inclusion and boost the country's economy. The move has been met with both excitement and skepticism, as many are concerned about the potential risks and volatility associated with cryptocurrencies.

It remains to be seen how successful El Salvador's adoption of Bitcoin will be in the long term, but it marks a significant milestone in the global adoption of digital currencies.

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