September 8, 2021
1 min read

El Salvador 1st country to adopt Bitcoin as currency

The country will accept payment in bitcoin alongside the US dollar, which has been El Salvador’s official currency since 2001…reports Asian Lite News

El Salvador on Tuesday became the first country in the world to adopt bitcoin as an official currency.

The central American nation announced that it plans to buy “a lot more” bitcoins soon. It purchased 200 tokens earlier and another 200 more recently, ahead of its rollout as a legal tender.

Ahead of the deadline to make bitcoin El Salvador’s official currency, President Nayib Bukele tweeted that the government has about a large sum of the cryptocurrency.

“El Salvador has just bought its first 200 coins,” Bukele wrote. “Our brokers will be buying a lot more as the deadline approaches,” he added.

The country will accept payment in bitcoin alongside the US dollar, which has been El Salvador’s official currency since 2001.

EI Salvador’s decision to make Bitcoin a legal tender will boost financial inclusion in their country as the majority of the population does not have access to formal banking channels, according to Shivam Thakral, CEO of BuyUcoin.

“In India, our approach towards crypto is different. We don’t see it as a legal tender but as an asset class. Indian investors have shown their faith in crypto even during the massive price fluctuations because they have an investment horizon of 2-3 years,” Thakral said in a statement recently.

“We are eagerly waiting for CBDC (central bank digital currency) in India which will open up new avenues of growth for the digital asset industry,” he added.

ALSO READ: HP dismantles huge counterfeiting schemes

Previous Story

Cannot be regional superpower while depending on defence imports: Kovind

Next Story

India, Japan hold meeting on climate change, COP26

Latest from -Top News

Trump Hails ‘Golden Age’ with New Bill

House Republicans voted on Thursday afternoon to approve Trump’s massive package of tax and federal spending cuts and funding boosts for the Pentagon and border security…reports Asian Lite News US President Donald

Trinidad PM to Modi: We Salute You

Trinidad & Tobago Prime Minister Kamala Persad Bissessar delivered glowing praise for PM Modi, calling his visit a moment of pride and shared history….reports Asian Lite News Prime Minister Narendra Modi will

India Eyes Global No. 3 Spot, Says Modi

The Prime Minister stated that people of India have resolved to make India a Developed Nation by 2047, when “we celebrate 100 years of Independence”….reports Asian Lite News Prime Minister Narendra Modi

The UK’s Net Zero Journey

Achieving net zero is not just a technological but also a political and cultural undertaking, writes Hasil Farooque In 2019, the United Kingdom officially committed itself to eradicate all greenhouse gas emissions
Go toTop

Don't Miss

Pakistan keen on aiding Taliban amid economic collapse

Several analysts even said that the Pakistan’s food trade deficit

Britain to be a major underperforming economy in 2023

Paris-based OECD said of the members of the G20 group