Monday, September 27

El Salvador adopts bitcoin as legal tender | Digital Trends Spanish

El Salvador has just become the first country in the world to adopt bitcoin as legal tender.

With this, the nation’s authorities seek to reduce the costs of sending remittances, attract foreign investment and boost domestic consumption.

The local Parliament had already approved legalizing the cryptocurrency in June. This law indicates that the use of virtual currency will be “unrestricted, with liberatory and unlimited power in any transaction and to any title that public or private natural or legal persons want to carry out.”

For his part, the president of El Salvador, Nayib Bukele, has defended the approval of this law on several occasions.

In fact, the president estimated at 400 million dollars the savings in commissions for the inhabitants of the nation for the receipt of remittances from outside the territory.

“Why did we create this law? Because bitcoin has a capitalization market of 600 billion dollars globally and if we do this, investors and tourists who have bitcoin will come to the country and will benefit Salvadorans and the economy, ”said the country’s highest authority.

How will it work?

The government will launch a digital wallet called Chivo. To encourage the use of Cryptocurrency among Salvadorans, the Bukele administration will offer $ 30 in bitcoin to anyone who opens an account on the platform.

It should be remembered that, some time ago, the Executive began the installation of 200 bitcoin ATMs to convert the digital currency into US dollars and be able to withdraw them in cash.

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