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HomeCrypto NewsMarketBitcoin Is Now Official Currency Of El Salvador

Bitcoin Is Now Official Currency Of El Salvador

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El Salvador becomes the first country to accept Bitcoin as legal currency. BTC is now official currency of El Salvador.

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Late Monday night, President Nayib Bukele announced that the country bought their first 200 bitcoins ahead of El Salvador adopting the BTC as legal tender.

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After some hours President Nayib Bukele again shared that El Salvador bought additional 200 BTC, making a total of 400 Bitcoins.

Now El Salvador holds 400 BTC worth nearly $21,000,000.

 

Today along with the US dollar, El Salvador accepted bitcoin as legal tender.  According to the law that defines bitcoin as legal tender, all economic entities must accept Bitcoin as a mean of payment. It also stipulates that bitcoins can be used to pay taxes.

Javier Argueta (legal advisor to President El Salvador Nayib Bukele) stated Monday that any business that refuses to accept Bitcoin as payment or refuse to use national Chivo wallet will be subject to sanctions under the country consumer protection law.





On this historic Day President Nayib Bukele said:

“Like all innovation, the Bitcoin process in El Salvador has a learning curve. Every road to the future is difficult and success cannot be achieved in a day, or in a month.

But we must break the paradigms of the past. El Salvador has every right to advance towards the first world.”

Recently President Nayib Bukele tweeted that 200 ATMs will be installed by the government accompanied by a government official digital wallet, Chivo. He said that transactions will be commission free and that there will be 50 financial branches in the country for deposit and withdrawal of money.

All transactions will be processed via the government owned Chivo app, and there will be no transaction charges.

To help convert BTC to USD, the government has also set up a fund of $150 million. El Salvador’s Bitcoin law goes into effect on September 7th. All citizens of El Salvador can now download the Chivo Digital wallet. Users will be able to receive $30 worth of free BTC when they sign up.

Bukele stated that the introduction of Bitcoin will save $400 million annually in fees for receiving remittances from abroad.

 

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Author

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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