After officially adopting cryptocurrencies as a legal currency, El Salvador has just invested very heavily in Bitcoin.
After announcing it with great fanfare a few months ago, El Salvador is finally preparing to officially adopt bitcoin as a legal currency, alongside the dollar. The country is now one of the forerunners on the subject, and to prove it, it has not hesitated to invest heavily in non-fiat currencies. In total, El Salvador has offered no less than 400 Bitcoins, or the equivalent of just over US $ 21 million depending on the current stock market price.
El Salvador just bought 200 new coins.
– Nayib Bukele 🇸🇻 (@nayibbukele) September 6, 2021
Bitcoin soon accepted everywhere
Now recognized as an official currency, Bitcoin should quickly assert itself in the country, in accordance with President Nayib Bukele’s bill, approved by majority by the Salvadoran Congress last June. In stores, restaurants, and any other place of commerce, prices should therefore soon be expressed in BTC in addition to the dollar. Most of the country’s traders are also expected to start accepting cryptocurrencies in the coming months, turning El Salvador into a real one. financial paradise for the many Bitcoin owners. For businesses, the country also said via a press release that it would grant a right of permanent residence as well as several tax benefits. Citizens of the country who adopt a crypto wallet will also be eligible for a state-initiated referral program, and will receive the equivalent of $ 30 in BTC. A movement to follow Salvadoran new legislation has even been launched on social media via the hashtag. #7SeptemberBuyBTC.
While the legalization of Bitcoin is seen as a revolution for many, the arrival of BTC is not unanimously welcomed, especially among Salvadorans. Several demonstrations have already been organized in the country to protest against the risks of fraud and money laundering.