Monday, February 6, 2023

El Salvador first country to accept Bitcoin as legal tender

El Salvador is the first country in the world to accept Bitcoin as legal tender. El Salvador’s president Nayib Bukele says that accepting Bitcoin as a tender is historical. The president already said that the legalization of the cryptocurrency bitcoin would stimulate the country’s investments. It would also help approximately 70% of its Citizens who don’t have access to traditional financial services. Anyone who opens a Chivo account gets 30 dollars worth of Bitcoin.

El Salvador holds around 550 Bitcoins, according to Bukele. This translates to 26 million dollars. Because of Bitcoin, many Salvadorians that work in other countries (mainly USA) can save money by sending money in Bitcoin. With Bitcoin, Salvadoran citizens can save 400 million dollars every year, because the fees are much lower than banking fees.
From now on, businesses will have to accept the digital cryptocurrency Bitcoin as payment for products or services. The government is going to accept tax payments in Bitcoin.

El Salvador’s president Bukele hopes that with accepting Bitcoin as legal tender, more people than before can and will now use the financial system. Many Salvadorians are skeptical about accepting Bitcoin as legal tender. Mostly because of the volatility of the cryptocurrency. Two-third of the 6.5 million Salvadorians are for the first time against a decision of the popular president. From two different polls, it can be concluded that the Citizens of El Salvador want to keep using the US dollar as legal tender.

Donat - CryptoCoinia
Copywriter at CryptoCoinia.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Name Price24H % Supply Volume Market Cap
bitcoin
Bitcoin
$23,037.00
-1.29%
19,282,593.00 BTC
$26,711,295,053.00
$443,046,839,611.00
ethereum
Ethereum
$1,633.38
-2.10%
120,511,398.49 ETH
$8,110,026,941.00
$196,802,329,242.00
usdex-stablecoin
USDEX
$1.07
-0.47%
103,350,611,249.42 USDEX
$127,433.00
$110,959,993,107.00
tether
Tether
$1.00
0.040%
68,064,632,221.56 USDT
$37,000,409,776.00
$68,100,531,344.00
binancecoin
BNB
$329.65
0.0100%
134,940,326.76 BNB
$906,050,290.00
$44,398,000,109.00
usd-coin
USD Coin
$1.00
0.120%
42,021,726,252.43 USDC
$3,173,186,744.00
$42,034,451,982.00
ripple
XRP
$0.401
-2.43%
50,799,084,881.00 XRP
$862,164,659.00
$20,307,426,648.00
binance-usd
Binance USD
$1.00
-0.10%
16,258,271,387.16 BUSD
$9,123,074,950.00
$16,258,993,145.00
cardano
Cardano
$0.397
-0.65%
35,045,020,830.32 ADA
$349,321,024.00
$13,809,225,709.00
dogecoin
Dogecoin
$0.093
-2.84%
138,022,356,383.71 DOGE
$1,017,675,177.00
$12,767,272,700.00
okb
OKB
$45.12
10.00%
246,638,974.00 OKB
$43,593,930.00
$11,088,488,333.00
matic-network
Polygon
$1.21
-3.33%
9,005,469,069.28 MATIC
$597,343,016.00
$10,864,986,758.00
solana
Solana
$23.58
-3.28%
372,566,733.41 SOL
$628,407,053.00
$8,773,833,740.00
shiba-inu
Shiba Inu
$0.000014
-2.65%
589,367,470,473,912.88 SHIB
$1,092,113,922.00
$8,414,248,935.00
staked-ether
Lido Staked Ether
$1,632.99
-1.87%
5,056,010.57 STETH
$26,559,946.00
$8,228,077,041.00
polkadot
Polkadot
$6.70
-2.50%
1,199,699,856.37 DOT
$267,945,340.00
$7,986,223,087.00
litecoin
Litecoin
$97.02
-1.51%
72,216,320.73 LTC
$518,082,140.00
$6,975,923,140.00
avalanche-2
Avalanche
$20.18
-4.05%
315,077,668.36 AVAX
$355,445,530.00
$6,340,240,882.00
tron
TRON
$0.064
0.560%
91,775,194,655.85 TRX
$468,071,135.00
$5,900,585,169.00
uniswap
Uniswap
$6.95
-3.63%
753,766,667.00 UNI
$152,088,860.00
$5,213,581,434.00
dai
Dai
$1.000
-0.10%
5,110,233,072.94 DAI
$96,250,998.00
$5,110,238,998.00
cosmos
Cosmos Hub
$14.83
1.55%
292,586,163.83 ATOM
$207,729,194.00
$4,342,796,120.00
wrapped-bitcoin
Wrapped Bitcoin
$22,991.00
-1.48%
176,647.07 WBTC
$108,114,233.00
$4,049,628,094.00
the-open-network
Toncoin
$2.31
-0.72%
1,473,591,410.74 TON
$28,343,025.00
$3,392,794,444.00
leo-token
LEO Token
$3.59
4.26%
931,829,375.90 LEO
$453,240.00
$3,335,011,401.00
ethereum-classic
Ethereum Classic
$23.03
-3.90%
139,141,729.37 ETC
$263,559,393.00
$3,194,639,539.00
monero
Monero
$167.04
-2.91%
18,147,820.38 XMR
$94,417,591.00
$3,021,031,393.00
bitcoin-cash
Bitcoin Cash
$134.51
-2.35%
19,303,974.90 BCH
$521,004,859.00
$2,596,293,770.00
aptos
Aptos
$15.45
-7.69%
162,059,897.24 APT
$382,621,980.00
$2,510,572,258.00
aerarium-fi
Aerarium Fi
$7.15
-13.10%
348,838,065.26 AERA
$16,447.36
$2,491,330,137.00
stellar
Stellar
$0.091
-1.54%
26,318,120,354.03 XLM
$60,089,634.00
$2,398,141,364.00
apecoin
ApeCoin
$5.79
-1.69%
368,593,750.00 APE
$134,219,856.00
$2,128,213,569.00
near
NEAR Protocol
$2.41
-4.04%
853,924,383.12 NEAR
$158,860,005.00
$2,046,758,033.00
crypto-com-chain
Cronos
$0.081
-2.75%
25,263,013,692.00 CRO
$33,566,957.00
$2,043,442,510.00
quant-network
Quant
$139.60
-1.65%
14,544,190.76 QNT
$24,762,600.00
$2,021,630,370.00
filecoin
Filecoin
$5.35
-3.12%
379,156,211.00 FIL
$180,151,287.00
$2,021,161,577.00
algorand
Algorand
$0.261
-2.21%
7,222,669,343.51 ALGO
$93,315,273.00
$1,869,602,759.00
hedera-hashgraph
Hedera
$0.071
-2.99%
26,051,470,160.27 HBAR
$62,808,588.00
$1,834,377,604.00
vechain
VeChain
$0.024
-2.11%
72,511,146,418.00 VET
$79,132,432.00
$1,761,019,602.00
lido-dao
Lido DAO
$2.09
-5.69%
840,667,013.96 LDO
$126,790,392.00
$1,735,576,179.00
internet-computer
Internet Computer
$5.67
-2.34%
284,781,767.83 ICP
$46,016,600.00
$1,606,598,207.00
fantom
Fantom
$0.572
-7.47%
2,776,432,494.34 FTM
$415,261,904.00
$1,580,202,525.00
decentraland
Decentraland
$0.742
-5.19%
1,820,445,385.76 MANA
$156,218,132.00
$1,344,486,446.00
humans-ai
Humans.ai
$0.026
-11.56%
0.00 HEART
$400,426.00
$1,309,127,902.00
the-sandbox
The Sandbox
$0.740
-4.48%
1,759,532,026.22 SAND
$159,422,907.00
$1,294,851,130.00
axie-infinity
Axie Infinity
$11.04
-3.04%
115,200,700.03 AXS
$115,234,503.00
$1,266,988,580.00
aave
Aave
$86.25
-3.01%
14,261,834.42 AAVE
$87,192,246.00
$1,224,693,494.00
eos
EOS
$1.09
-1.76%
1,093,571,878.85 EOS
$135,501,556.00
$1,190,824,370.00
the-graph
The Graph
$0.130
16.10%
8,893,377,241.00 GRT
$348,846,933.00
$1,177,872,938.00