QuickTake: Bitcoin and the blockchain

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.

The value of Bitcoin has plunged by more than 10 percent after El Salvador on Tuesday became the first country in the world to accept the cryptocurrency as legal tender. The launch was marred by protests and technical difficulties with the digital wallet app, which had to be taken offline for several hours. Also today, we report on tourism businesses in the southwest of France that have benefitted from the recent spell of good weather, which has prolonged their summer season.

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.

Thousands of Salvadorans march in San Salvador against the use of bitcoin in the economy and against a decree that ordered the dismissal of a third of the nation’s judges.

In the quiet Texas town of Rockdale, North America's largest bitcoin mine is part of an already bustling US business now boosted by Beijing's intensified crypto crackdown that has pushed the industry west.

In this edition we explore how to reduce the carbon footprint of the blockchain, an underlying technology in which many cryptocurrencies are encrypted. The blockchain requires significant computing power and hence consumes a lot of energy, prompting a push to find ways to make it greener.

PM Narendra Modi has framed cryptocurrencies as a domain that needs to be closely policed, warning they present a risk to young people. DW talked to economist Eswar Prasad about how Modi could regulate the sector.

Narendra Modi, India’s Prime Minister, has warned younger generations about the threat Bitcoin poses. In his keynote address at The Sydney Dialogue, hosted by the Australian Strategic Policy Institute, Modi spoke on the technology development India has experienced and how it could help guide the safety of cryptocurrency.

Find these stories and much more when you grab a copy of The Guardian on Saturday.⁣

The US Justice Department announced its "largest financial seizure ever" and the arrest of a New York couple for allegedly laundering money stolen through a 2016 hacking.

The price of Bitcoin dipped in early trading on Wednesday, after the US Justice Department announced it had arrested two people and seized Bitcoin worth $3.6 billion that was stolen from the exchange Bitfinex in 2016. The investigation is being closely watched by players in the cryptocurrency sector as to how investigators are tracking criminal activity involving the tokens. Also today, we report on protests in Argentina against the latest agreement with the International Monetary Fund.

Find these stories and much more when you grab a copy of The Guardian on Friday.⁣