{Disarmed} Bitcoin is already legal currency in El Salvador: this is the bet of the first country in the world to want to boost its economy with cryptocurrencies

Bitcoin is already legal currency in El Salvador: this is the bet of the first country in the world to want to boost its economy with cryptocurrencies

From today, El Salvador becomes the first country in the world to accept bitcoin as legal tender . A movement approved last June at the proposal of Nayib Bukele, president of the country and the main promoter of this initiative.

To launch the use of bitcoin, El Salvador has developed its own electronic wallet and has announced the acquisition of an additional 200 bitcoins . A total of 400 bitcoins that will be used to give each citizen a bonus of the equivalent of 30 dollars in the cryptocurrency through Chivo, the official application of the Salvadoran Government.

El Salvador embraces bitcoin as a counterweight to its weakened financial system

The objective of accepting bitcoin as an optional payment method will serve to "open more business opportunities for all types of businesses, reduce costs and attract tourists from anywhere in the world," according to the Government itself.

Those citizens who want to use bitcoin can do so through Chivo Wallet, the wallet created for such a task. As they explain, they will be able to convert their cryptocurrencies to cash immediately and free of commissions .

Bitcoin does not convince El Salvador: protests erupt among citizens before the entry into force of the cryptocurrency In xiaomist.com Bitcoin does not convince El Salvador: protests erupt among citizens before the entry into force of the cryptocurrency

"Like all innovation, the bitcoin process in El Salvador has a learning curve. Every road to the future is like that and not everything will be achieved in one day or one month," Bukele explained.

The cryptocurrency community has welcomed this movement, as is the case with wallets such as Binance .

An initiative that will allow the 6.4 million inhabitants of El Salvador to join Bitcoin. However, it does not seem like an easy task, since according toCNN , more than 70% of its workforce does not have a bank account .

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The purchase of 400 bitcoins represents the equivalent of about 17.3 million euros, according to the current price . In total, this represents 0.28% of the General Budgets of El Salvador for 2021 , which amounts to 7,453.2 million dollars. The government of El Salvador plans to create a fund of 150 million dollars as a security measure to guarantee convertibility.

The law establishes that citizens will be able to pay taxes in bitcoin and stores will also display prices in this currency.

On the part of the Central American Institute for Fiscal Studies, they have been critical of this initiative, considering that "one of the first risks that we had noticed is that the costs of this experiment are paid by the population ." In the case of the International Monetary Fund (IMF), it has been warned that the adoption of this cryptocurrency could increase regulatory risks and they warn that "it has a series of financial and legal issues that require very careful analysis."

200 Chivo ATMs to operate

Billy Goat

One of the tools to accompany this bet on bitcoin is Chivo. The Salvadoran government has installed about 200 Chivo ATMs throughout the country to be able to operate with these cryptocurrencies and make changes.

Chivo can be understood as a word designated to speak of something that is "cool". It is the name of this official digital wallet . An application already available in the Huawei App Gallery and is currently under review within Google Play and the App Store. Despite being legally operational today, the application is not yet available in the main mobile app stores .

Btc App

The Government of Bukele has work ahead for the adoption of this tool. According to several surveys by the University Institute of Public Opinion of the Central American University, 78.3% indicated that they were not interested in downloading it , despite the $ 30 initial reward.

In xiaomist.com | Bitcoin, blockchain and cryptocurrencies, explained in a simple way (and on video)

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The news The bitcoin is already legal currency in El Salvador: this is the bet of the first country in the world to want to boost its economy with cryptocurrencies was originally published in xiaomist.com by Enrique Pérez .

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Comments

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  2. Anonymous5/30/23, 7:02 PM

    Are you worried about non-spendable funds in your cryptocurrency portfolio/account? Have you ever lost access to your cryptocurrency investment ? If so, you are not alone! With the rise of the cryptocurrency market, there have been more and more cases of lost or inaccessible funds due to forgotten passwords, scammers, cryptocurrency market losses, security breaches, or other issues. Fortunately, there is hope - sandaulton7@(gma.com) is a professional cryptocurrency recoverer that can help you retrieve your lost funds and make them spendable again.

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