Bitcoin is officially legal tender in El Salvador, a country in Central America with a population of 6.5 million and a gross domestic product of about $27...
Bitcoin is now officially legal tender in El Salvador, a country in Central America with a population of 6.5 million and a gross domestic product of about $27 billion, as of 2019.
Bitcoin’s legalization in the country, championed by 39-year-old President Nayib Bukele, means that it can be used to pay taxes, services at all businesses, except those unable to process such transactions. Perhaps more than any other country, El Salvador relies on money sent back to the tiny country from those outside of it. No other country relies more on such remittances outside of Haiti, according to an article by The Wall Street Journal published last year in 2020.
He also said that El Salvador’s moves are likely idiosyncratic and come against a backdrop of economic and social problems in the Central American country. He said that its move may not portend a groundswell of such moves by other countries. Meanwhile, the adoption of bitcoin in the country could be seen in a similar light to institutions and corporations slowly adopting bitcoin earlier this year and last year.
That said, Presearch’s Pape cautioned that legal designation of bitcoin in El Salvador could also create more turbulence within the crypto complex.
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El Salvador Makes History As World’s First Country To Make Bitcoin Legal TenderI am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter theroberthart or email me at rhartforbes.com
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