In Bitcoin cryptocurrency news, the adoption of Bitcoin as an official legal tender by a country has finally occurred. In September of 2021, El Salvador became the first country in the world to officially recognize Bitcoin as legal tender. This is a signficant step for the use of cryptocurrency, even though it is in a smaller country.
The government of El Salvador made a purchase of 400 Bitcoins as an initial investment. The economy of El Salvador has taken a dramatic hit during the pandemic, with hopes by the government that early adoption of the cryptocurrency as a legal tender will spark interest for businesses that want to choose a location where cryptocurrencies can be used as legal tender.
Implementation
In addition to simply opening up the economy for the use of Bitcoin, the government of El Salvador is actively promoting the use of cryptocurrency in a way that is different than other countries with a positive perspective on the use of this digital currency. This is unique Bitcoin cryptocurrency news and many hope other countries in the area will follow.
Throughout the country, there are over two hundred specialized Bitcoin teller machines scheduled for installation. These machines are potential targets for vandals, with the government potentially planning to provide military protection in the form of armed guards at the locations.
In addition to the machines and the form adoption of Bitcoin by the government, there is also a payment of $30 to each citizen of El Salvador making an investment in Bitcoin. This Bitcoin cryptocurrency news is welcomed by the public.
The goal of this program is twofold. The first is to increase the number of citizens who have access to banking, and the second is to reduce the cost of foreign bank fees on money sent to families from citizens of El Salvador working outside the country.
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