Bitcoin gains full legalization in El Salvador, will roll out on September
The country’s bitcoin agenda went from a dream to being a reality. El Salvador announced that it plans to ensure bitcoin will become legal tender in its borders after spending a lot of years relying on the US dollar. Now the nation made their dream come true!
El Salvador rolls out BTC
Starting on September 7, Bitcoin can be used legally as a currency to buy goods and services in the country. The use of Bitcoin is completely optional. Stores can’t deny services to those who seek paying with Bitcoin, nor can businesses refuse to work with firms that delve in bitcoin and crypto.
The road to making Bitcoin a legal tender hasn’t been easy. The country formerly asked the World Bank for assistance. The financial institution turned the country down, referring its concerns with bitcoin’s volatility for refusing help. But members of El Salvador’s Congress were attracted to the idea and offered approval. Hence, making Bitcoin an official currency of the Central American nation.
“The use of bitcoin will be optional. Nobody will receive bitcoin if they do not want it… If someone receives a payment in bitcoin, they can choose to automatically receive it in dollars.”
President Nayib Bukele
Although El Salvador is the first country to officially accept Bitcoin as money, things won’t be easy overnight. The country pointed out that all salaries and pension payments will still be offered in USD, but this can change in the future.
El Salvador gets a special bonus that might push the bitcoin agenda further. Athena Bitcoin has announced that it will install nearly 1,500 crypto ATMs in El Salvador to aid those looking to send and receive remittance payments.
Helping those who need crypto badly
Bukele stated before that he is concerned about the finances of El Salvador residents working overseas. Most of the time, transactions are basically limited by huge fees. This means that families do not receive all the money that they should. He says that Bitcoin has the potential to solve some of the problems.
“One of the reasons we passed the bitcoin law is precisely to help people who send remittances.”
Pres. Nayib Bukele
Not only that, El Salvador is heightening its presence on the crypto map. It is also pushing Bitcoin near its former goal. It is to serve as a payment currency and push fiat and credit cards to a side. Volatility has gotten in the way of this goal, and El Salvador seems to make bitcoin more attractive to other developing nations.
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