As of Tuesday (Sep. 7), El Salvador is now the world’s first country to recognize bitcoin as legal tender, according to President Nayib Bukele. The country hopes that the Salvadorans living abroad will be able to save millions of dollars in commissions on money sent home, which reached nearly $6-billion in 2020 alone. However, the government did warn that it could increase regulatory, financial and operational hazards for financial institutions. Read more for two videos and additional information.
Believe it or not, El Savador’s beach town of El Zonte, a surfing hotspot known as “Bitcoin Beach,” started adopting the digital currency 3-years ago, after an anonymous donation of the cryptocurrency started things off. Whether it be tourists or local construction workers, many conduct transactions or receive salaries in bitcoin, just one more reason that President Nayib Bukele has hailed in his push to adopt the cryptocurrency throughout the country.
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El Salvador is taking a great step forward today. Like all innovations, El Salvador’s bitcoin process has a learning curve. Not everything will be achieved in a day, or in a month. We must break the paradigms of the past. El Salvador has the right to advance towards the first world,” said Bukele.