A couple of weeks ago, El Salvador hit the headlines in the world of cryptocurrency for all the right reasons. The territory has to its credit no official currency. It is learned that the region has been using the U.S. dollar since 2001. However, all this changed, and the small Central American nation scripted history of sorts in September this year. On September 7 2021, El Salvador declared bitcoin as legal tender, thus, becoming the first country to make this move. The announcement of this news has received mixed reactions from people from different walks of life.
Bitcoin is accepted as an official means of payment
With bitcoin given the legal tender status in the Central American country, commercial and business establishments in El Salvador can take it as an official form of payment.
The President of the country, Nayib Bukele, went on record to justify giving the bitcoin status of a legal tender. According to Bukele, it is one of the ways to modernize the economy of the nation. The President also hopes that the move will help in solving problems that are related to economic accessibility.
Paraguay and Panama nations are learning from El Salvador’s experiment with bitcoin
Since news of Bitcoin was declared as a legal tender, the first few days did not pass without any teething issues. In the initial days of implementation and usage, the government’s official crypto wallet had to face and overcome many-a-technical challenges. However, other nations are taking notes and are learning from El Salvador’s experiment with cryptocurrency. Paraguay and Panama, which have been considering implementing bitcoin in their legislation, are paying attention to the developments unfolding in the Central American nation.
Making Bitcoin as legal tender in El Salvador has helped Netcoins.ca achieves the crypto milestone
Joining the many others who celebrate the announcement of bitcoin as legal tender in El Salvador is Netcoins.ca. This development has helped Netcoins.ca achieves a crypto milestone. Netcoins has a user base that is witnessing a spike. Moreover, the group believes that cryptocurrency has enormous potential to reshape the world economy on the whole. When more people from different walks of life embrace cryptocurrency, it will, beyond any doubt, change the way we transact and use technology.