Bitcoin Is Now Legal Currency In South America’s El Salvador

The country just bought its first 400 Bitcoins!

el salvador bitcoin
Credits: Binance

El Salvador, a Central American country, has become the first nation to accept Bitcoin cryptocurrency as legal tender. This means that the citizens will be able to use Bitcoin in transactions.

President Nayib Bukele announced the same and said that it is a way of bringing more Salvadorans into the formal economy. He added that Bitcoin would make foreign exchanges and settlements easier, faster, and cheaper and could ultimately free the nation from the traditional financial system.

bukele el salvador

Meanwhile, the Bitcoin community is blasting party poppers as many crypto enthusiasts have been waiting for this moment for years.

Bukele also confirmed that the government had bought its first 200 bitcoins and also said that, “Our brokers will be buying a lot more as the deadline approaches.” Later that same day, he said, “We now hold 400 bitcoin.”

As a result, Bitcoin’s market value plunged over 1.49% to $52,680. However, not everyone’s happy with the government. Many people are worried about how stable their earnings will be.

Do you think more countries should legalize Bitcoin? Let us know your thoughts and opinions about the same in the comments section below.

Abubakar Mohammed

Abubakar Mohammed

Abubakar is a Linux and Tech Writer. Hailing from a Computer Science background, the start of his love for Tech dates back to 2011, when he was gifted a Dell Inspiron 5100. When he's not covering Tech, you'll find him binge-watching anime and Tech content on YouTube or hunting heads in competitive FPS games. You can also find his work on Android Police and How-To Geek.
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