Wednesday, February 1, 2023
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

El Salvador Creates History by Integrating Bitcoin as Legal Tender, Buys $21 Million in BTC

by firstcryptonews
September 8, 2021
in Market Updates
El Salvador Creates History by Integrating Bitcoin as Legal Tender, Buys $21 Million in BTC

El Salvador, the Central American nation created history again today after it finally integrated Bitcoin ($BTC) as legal tender in the country. The country has passed a Bitcoin law back in June and despite criticism and protest within the country, the small Latin American State has gone ahead with its plan. Nayib Bukele, the President of the country and also the main architect behind the Bitcoin law warned people that there will be a number of FUDs that will arise, but they should ignore it.

A day before the final implementation, El Salvador purchased 400 Bitcoin worth nearly $21 million. President Bukele also revealed that the brokers would continue to make Bitcoin purchases in the future as well.

The country has decided to call this historic day “Bitcoin Day” and moving forward people would be able to use Bitcoin for instant payments. Nearly 200 Bitcoin ATMs have been set up across the state to allow people to convert their Bitcoin to US dollars.

Can El Salvador Get Past Minor Roadblocks to Make BTC a Norm?
El Salvador faced criticism from around the globe include IMF, World Bank, JP Morgan, and many in the country itself who were not happy with the decision. A recent survey in the state revealed that nearly 70% of Salvadorians were not pleased with the decision to use Bitcoin as legal tender.

Mainstream media has also likened President Bukele to a dictator for moving ahead with the plan despite the country having no financial stability. Bukele on the other hand has ignored all the criticism and maintained the decision is for the greater good as more than 70% of the Salvadorian population remains unbanked.

President Bukele also launched a free Bitcoin airdrop campaign offering $30 worth of BTC to each adult citizen under the national Bitcoin wallet program in association with Chivo. Chivo would offer Bitcoin wallet services across the nation.

While Salvador has failed to garner support from world organizations, the crypto community has come in full support of the small nation from the day it announced its Bitcoin plans. Many in the crypto believe the decision by El Salvador was quite brave and it would create a domino effect for other financially unstable states to follow the same.

Related Posts

Bitcoin (BTC) Bounces Back Above $9,000; Is Another Pre-Halving Rally Underway?

Crypto Wall Street: Goldman Sachs to underwrite Coinbase IPO while JPMorgan says Bitcoin “overbought”

by firstcryptonews
December 23, 2020
0

Wall Street is coming for crypto and how. The two US banks have previously contended against the growth of cryptocurrencies...

Bullish Signal: South Korean Parliament Passes Law That Fully Legalizes Cryptocurrency Holding And Trading

Angel investor says crypto DeFi is one of the best “frontiers” in Silicon Valley today

by firstcryptonews
December 23, 2020
0

The decentralized finance (DeFi) space has seen extreme growth this year, as evidenced by the $15 billion worth of capital...

etoro

eToro Rolls Out Staking-as-a-Service for Cardano and Tron

by firstcryptonews
October 8, 2020
0

Crypto brokerage firms are charging into the cryptocurrency staking scene. More and more cryptocurrency companies are beginning to offer staking...

Ethereum-Based DeFi Token YFI Surpasses The Price Of Bitcoin To Become The World’s Most Expensive Crypto-Asset

Ethereum-Based DeFi Token YFI Surpasses The Price Of Bitcoin To Become The World’s Most Expensive Crypto-Asset

by firstcryptonews
August 21, 2020
0

yEarn Finance token YFI has supplanted the price of the king of cryptocurrencies to become the world’s most valuable asset....

The first exchange-traded crypto product will be listed on XETRA

The first exchange-traded crypto product will be listed on XETRA

by firstcryptonews
July 2, 2020
0

The London-based ETC Group plans to offer the first exchange-traded crypto product on the German stock exchange XETRA – the...

Bitcoin (BTC) Bounces Back Above $9,000; Is Another Pre-Halving Rally Underway?

Bitcoin (BTC) Bounces Back Above $9,000; Is Another Pre-Halving Rally Underway?

by firstcryptonews
March 7, 2020
0

After attempting to reclaim the $9,000 level a couple of times with no success, the bulls finally gained enough momentum...

Next Post
RedFOX Labs

Southeast Asian Venture Builder RedFOX Labs Launches First SHOP Auction for RFOX VALT Metaverse

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Synergy Integrates Social Media and E-commerce to Create a Platform that will Transform the Space for Good

Synergy Integrates Social Media and E-commerce to Create a Platform that will Transform the Space for Good

4 days ago
Hug Coin leads Payment Protocol 2.0.

Hug Coin leads Payment Protocol 2.0.

12 months ago
CHAD AND BRAD FAMILY NFT

First of its Kind NFT Project Offers Profit Share in Legal California Cannabis Company

1 year ago
ORIGIN26 Announces Upcoming Presale Offering of Its Unique BSC-based #ORIGIN26 Token Utility

ORIGIN26 Announces Upcoming Presale Offering of Its Unique BSC-based #ORIGIN26 Token Utility

8 months ago
dmglobal

Would you use your crypto currencies to pay anything in daily life if it was possible?

3 years ago
Sleep Future Launches World’s First Sleep Wellness Sleep-To-Earn Ecosystem Build On Blockchain.

Sleep Future Launches World’s First Sleep Wellness Sleep-To-Earn Ecosystem Build On Blockchain.

11 months ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

June 21, 2021

Recent News

Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds

Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds

January 16, 2023

Press Release

Pop Up World (PUW) Launches NFT Collection – Zero To Superhero

Pop Up World (PUW) Launches NFT Collection – Zero To Superhero

January 31, 2023

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News