Home » A month after the introduction of bitcoin, El Salvador is still divided on the cryptocurrency

A month after the introduction of bitcoin, El Salvador is still divided on the cryptocurrency

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The testimonies gathered by Reuters, in the first state in the world to adopt bitcoin as a fiat currency, are conflicting. It is mainly entrepreneurs who are talking about the usefulness and benefits of cryptocurrency.

El Salvador added bitcoin to the dollar as legal currency on September 7, 2021. President Nyib Bukele strongly wanted this, in the hope that bitcoin can boost consumption and increase financial inclusion in a country where often the citizens do not access the main banking services. The government also bought 400 bitcoins (which according to the September 6 exchange rate were worth around 21 million dollars) and gave 30 dollars in bitcoin to citizens who downloaded the Chivo app to pay with digital currency.

El Salvador’s economic operators and businesses are not only obliged to accept bitcoins but must also indicate how much all products and services cost in both dollars and digital currency. On the day of the introduction of bitcoin, some Salvadorans demonstrated in the street, opposed to the use of cryptocurrency.

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