El Salvador becomes first country to make bitcoin legal tender
10 September 2021 |
11:38 am
On 7 September 2021, El Salvador became the first country to embrace bitcoin as legal tender. Consumer demand saw its brand-new cyber wallet system crash on its first day of use as the currency's value seesawed against the US dollar. While thousands of Salvadorans are already using the cryptocurrency for everyday transactions, hundreds have taken to the streets to protest with concerns about the safety and legitimacy of the cyber currency.
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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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On 7 September 2021, El Salvador became the first country to embrace bitcoin as legal tender. Consumer demand saw its brand-new cyber wallet system crash on its first day of use as the currency's value seesawed against the US dollar. While thousands of Salvadorans are already using the cryptocurrency for everyday transactions, hundreds have taken to the streets to protest with concerns about the safety and legitimacy of the cyber currency.
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