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El Salvador was the first in history to use bitcoin as an official currency

Bitcoin was officially used as a means of payment in El Salvador. About this on Twitter reported President of the country Nayib Bukele. The country became the first in the world to grant this status to cryptocurrency.

Source: Tom's Guide

Source: Tom’s Guide

Bukele said that recognizing bitcoin would make it easier for El Salvadorians working abroad to send money home. In addition, the day before the law came into force, the country purchased 400 bitcoins worth more than $ 20 million. The amount is about 20% of the country’s GDP.

Recall that in June 2021, the Parliament of El Salvador adopted a law recognizing bitcoin as an official means of payment. According to the document, the authorities are obliged to create an infrastructure for working with cryptocurrency and payments within 90 days. In July, about 200 ATMs were installed in the country to transfer dollars to bitcoins.

However, many residents do not support the official recognition of the cryptocurrency. According to the University of Central America (UCA), about 6.5 million citizens have opposed and continue to use US dollars.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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