El Salvador Adopts Bitcoin as Legal Tender
On September 7, El Salvador became the first country in the world to adopt bitcoin as legal tender. Establishments must now accept both Bitcoin and the U.S. dollar (its official currency). President Nayib Bukele has pushed for its adoption by promoting the digital wallet called “Chivo” and has promised $30 of bitcoin for each user. Some citizens remain concerned about the volatility of the cryptocurrency and its use in illicit transactions.
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