Bitcoin officially legal tender in El Salvador in world first
The cryptocurrency has become legal tender despite protests across the country
The Central American country's President, Nayib Bukele, passed the Bitcoin Law three months ago, with the rollout of the new monetary format expected to potentially save hundreds of millions.
— Bloomberg Markets (@markets) September 7, 2021
The crypto move has already faced significant roadblocks and been met with resistance, as nearly half the population has no internet and many more only have sporadic access. And the poorest citizens are unlikely to have the technology to even access the cryptocurrency.
Bukele conceded on Twitter that the introduction of Bitcoin will come with a "learning curve", but said the nation must "break the paradigms of the past".
Como toda innovación, el proceso del #Bitcoin en El Salvador tiene una curva de aprendizaje. Todo camino hacia el futuro es así y no se logrará todo en un día, ni en un mes.
Pero debemos romper los paradigmas del pasado. El Salvador tiene derecho a avanzar hacia el primer mundo.
— Nayib Bukele ?? (@nayibbukele) September 6, 2021
The International Monetary Fund (IMF) said El Salvador’s move raised a number of macroeconomic, financial, and legal issues.
- The crypto-cult of Elon Musk
- Two brothers vanish with $3.6 billion of bitcoin in what could be the biggest crypto heist in history
- Twisted nipples, bitten shoulders and jealous girlfriends after dirty Concacaf clash