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Tuesday, June 15, 2021

This country becomes world’s first to approve Bitcoin as official currency

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Bitcoin becomes an official currency in this country. Earlier on Wednesday, El Salvador announced to approve Bitcoin as the official currency. The El Salvador Congress approved a bill that makes Bitcoin a legal tender in the country. Also Read – Bitcoin price falls significantly today, Ether value tumbles too

El Salvador President Nayib Bukele took to microblogging site Twitter to announce the latest update around the cryptocurrency in the country. Also Read – Bitcoin price falls after Tesla CEO Elon Musk announces breakup with it

Bukele  also announced that people who invest Bitcoin in El Salvador will get the country citizenship. To add to this, people who invest in three Bitcoins in country’s economy will be given citizenship by the government. Also Read – Dogecoin explained: What is it, how to buy in India

The law reads, “The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out.”

While El Salvador was able to make Bitcoin an official currency in country it will be difficult for other countries to take the same step.

One of the biggest reasons why El Salvador was able to make Bitcoin an official currency is because it doesn’t have its own currency and uses US dollar as the official country.

The decision around Bitcoin becoming an official currency in the country comes after Bukele said last week that he will send a bill to Congress to make bitcoin legal tender in the Central American nation.

In other news, Bitcoin price has dropped significantly today. The price of the cryptocurrency tumbled after Tesla CEO Elon Musk said that this company will not accept payments in the form of Bitcoin due to “rapidly increasing use of fossil fuels for Bitcoin mining and transactions”.

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