Last updated on January 20th, 2022 at 04:55 pm
El Salvador has become one of the first countries to accept Bitcoin as a legal medium of exchange within the country. Its President, Nayib Bukele, has been actively pushing for this, and it is not surprising that the El Salvadorian Senate assented to the move. By making the foremost crypto the legal tender of the country, there were mixed reactions from different quarters.
For Bitcoin enthusiasts, this was a breath of fresh air. As for some international organizations and oppositions within the country, they felt that doing this may not end well. Some El Salvadorians took to the streets to complain about the new Law.
To improve the adoption of Bitcoin increase within the country, the government has started some processes like installing crypto ATMs. With these ATMs, people can easily convert their BTC to USD or vice versa without paying outrageous fees. A digital wallet has also been created by the government, which they are actively promoting to their citizens.
On Monday, El Salvador President, Nayib Bukele, announced that his country has purchased its first-ever Bitcoin, which was 200 BTC. This news was greeted by intense excitement in the crypto world. Bukele is an active supporter of BTC because he believes that adopting it would put the country in good light and attract the necessary investment to the country.
Bukele announced in his first tweet, El Salvador has just bought its first 200 coins. Our brokers will be buying a lot more as the deadline approaches.”
The country later finished the purchase of a second round of 200 BTC. In his second tweet on Monday, he added that, “El Salvador just bought 200 new coins. We now hold 400 #bitcoin #BitcoinDay.”
Few days back, over $150 million had been earmarked and approved for a Bitcoin Fund by the El Salvadorian Senate. The fund’s main purpose was to drive the easy conversion of USD to BTC and vice versa. The Development Bank of El Salvador was given the power to control the deployment of the funds.
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