El Salvador approves Bitcoin as legal tender
09 June 2021 | 4:07 pm
Lawmakers have approved a law classifying Bitcoin as legal tender, making El Salvador the first nation to officially adopt a cryptocurrency.
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El Salvador has become the first country in the world to make Bitcoin legal tender, despite surveys showing widespread scepticism about the move. The government has invested more than $20 million in the cryptocurrency in recent days, saying it will open up access to banking for many Salvadorans. Bitcoin will be accepted for payments in parallel with the US dollar. Also today, millions of Americans have lost their unemployment benefits as several pandemic-era welfare programmes have expired.
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El Salvador has become the first country in the world to adopt bitcoin as legal tender. The government says the cryptocurrency will save people money, but many residents are skeptical.
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