On September 7, a law legalizing Bitcoin as a means of payment came into force in El Salvador.
President Nayib Bukele marked the historic moment with a tweet.
The government has created a fund with a reserve of $150 million to facilitate currency conversion for businesses. The fund has already made two purchases of 200 BTC for $21 million.
The government has released a crypto wallet called Chivo, which means “cool” in Salvadoran slang, and will pay out a 30 Bitcoin bonus to citizens who download it.
Salvadorans themselves view the move with confusion and distrust, fearing that the instability of the digital currency could be dangerous for the economy and their own savings. Only about a third of Salvadorans use the Internet, and almost a quarter live below the poverty line. Hundreds of demonstrators marchedthrough the city on Friday to express their concerns about the legalization of cryptocurrency, especially if in the future it will be used to pay pensions and social security instead of the US dollar.
Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies
You May Also Like
Invesco allowed Bitcoin to fall below $30,000
Bitcoin continues to correct. Invesco Global analysts believe that the price is moving towards $30,000.
Bitcoin crash continues
It's been a tough week, a tough month, and a particularly challenging year for Bitcoin bulls. The price of the cryptocurrency is down 6.4% this week, 18.7% over the past month, and 76.2% year to date. The maximum reduction was 83.5%. Isaac Newton once said, “What goes up must come down,” and cryptocurrency very much confirms this theory.
