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Bitcoin was made legal tender in the country through the Bitcoin Law, which was passed on 8 June 2021, [42] [43] and took effect on 7 September 2021. [ 44 ] [ 45 ] During the first month, the Salvadoran Foundation for Economic and Social Development reported that 12 percent of Salvadoran consumers have used the cryptocurrency, however, 93 ...
Bitcoin became legal tender on 7 September 2021, [5] 90 days after the publication of the law in the official gazette, [15] [16] which makes El Salvador the first country to have bitcoin as legal tender. [5] [17] Bitcoin joined the United States dollar as the second official currency of El Salvador. [18] [needs update]
El Salvador became the first country in the world to use bitcoin as legal tender, after having been adopted as such by the Legislative Assembly of El Salvador in 2021. [1] It has been promoted by Nayib Bukele, the president of El Salvador, who claimed that it would improve the economy by making banking easier for Salvadorans, and that it would encourage foreign investment.
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender, mandating that businesses accept the leading cryptocurrency as a form of payment and rolling out a digital wallet ...
Unlike El Salvador’s move this week to adopt bitcoin as legal tender, Ukraine’s crypto law does not put bitcoin on an equal footing with the hryvnia, the country’s national currency.
As I write, all the cryptocurrency put together is worth $3.5 trillion, and the price of an individual bitcoin is brushing up against $100,000, more than double the price a year ago.
Bitcoin (abbreviation: BTC; sign: ₿) is the first decentralized cryptocurrency. Based on a free-market ideology, bitcoin was invented in 2008 by Satoshi Nakamoto, an unknown person. [5] Use of bitcoin as a currency began in 2009, [6] with the release of its open-source implementation. [7]: ch. 1 In 2021, El Salvador adopted it as legal tender ...
The legal status of cryptocurrencies varies substantially from country to country and is still undefined or changing in many of them. At least one study has shown that broad generalizations about the use of bitcoin in illicit finance are significantly overstated and that blockchain analysis is an effective crime fighting and intelligence ...