El Salvador becomes the first country to accept Bitcoin as legal currency. BTC is now official currency of El Salvador.
Release him! ?@Apple, @Google, @Huawei #BitcoinDay #BTC?? https://t.co/pE3LPtj9Uo
— Nayib Bukele ?? (@nayibbukele) September 7, 2021
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.
El Salvador has just bought it’s first 200 coins.
Our brokers will be buying a lot more as the deadline approaches.#BitcoinDay #BTC??
— Nayib Bukele ?? (@nayibbukele) September 6, 2021
After some hours President Nayib Bukele again shared that El Salvador bought additional 200 BTC, making a total of 400 Bitcoins.
El Salvador just bought 200 new coins.
We now hold 400 #bitcoin#BitcoinDay ??
— Nayib Bukele ?? (@nayibbukele) September 6, 2021
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.
#EnVivo | En la entrevista @Frentea_Frente Javier Argueta, asesor jurÃdico de la Presidencia, dice que los empresarios que no hagan uso de la billetera Chivo y se nieguen a hacer transacciones con bitcoin están sujetos a sanciones de la ley del Consumidor. https://t.co/6e8VRPDixL
— Diario El Mundo (@ElMundoSV) September 6, 2021
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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