There’s always a continuous debate happening. Is Bitcoin a scam? Is Bitcoin the future? Is Bitcoin going to be legalised across the world? Sometimes, we hear positive news which leads to booms in the crypto-currency trading market while sometimes, negative news floats in. Today, we have some very encouraging signs for the crypto industry, coming in all the way from El Salvador.
A country in Central America, the Republic of El Salvador yesterday became the first country across the world to officially accept Bitcoin as legal tender money. A Reuters report mentioned that a vast majority of lawmakers approved the bill and the final go ahead was given by the President Nayib Bukele, citing it will be used to boost the economy of the South American nation.
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The country’s economy relies on inward remittances and the vast population of those working overseas can send money back home in Bitcoin (BTC). “It will bring financial inclusion, investment, tourism, innovation and economic development for our country. The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction,” said the President in a tweet.
He also mentioned that the use of Bitcoin will be optional for all and using the same wouldn’t bring risks to users. The use of the cryptocurrency as legal tender money is said to go into law within 90 days. A study from World Bank showed that remittances to El Salvador amounted to nearly $6 billion in 2019 which is 1/5th of the overall economy, one of the highest ratios among global countries.
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As per the same reports, the President is seeking a program of $1 billion and upwards. This news could lead to a dominos effect and we could see many other countries accepting the use of Bitcoin as legal tender in the weeks to come. For all updates on cryptocurrency trading and more, stay tuned to ReadScoops.com…
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