El Salvador Creates History by Integrating Bitcoin as Legal Tender, Buys $21 Million in BTC

By Prashant Jha
Published September 7, 2021 Updated September 7, 2021
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El Salvador Creates History by Integrating Bitcoin as Legal Tender, Buys $21 Million in BTC

By Prashant Jha
Published September 7, 2021 Updated September 7, 2021

El Salvador, the Central American nation created history again today after it finally integrated Bitcoin ($BTC) as legal tender in the country. The country has passed a Bitcoin law back in June and despite criticism and protest within the country, the small Latin American State has gone ahead with its plan. Nayib Bukele, the President of the country and also the main architect behind the Bitcoin law warned people that there will be a number of FUDs that will arise, but they should ignore it.

A day before the final implementation, El Salvador purchased 400 Bitcoin worth nearly $21 million. President Bukele also revealed that the brokers would continue to make Bitcoin purchases in the future as well.

The country has decided to call this historic day “Bitcoin Day” and moving forward people would be able to use Bitcoin for instant payments. Nearly 200 Bitcoin ATMs have been set up across the state to allow people to convert their Bitcoin to US dollars.

Can El Salvador Get Past Minor Roadblocks to Make BTC a Norm?

El Salvador faced criticism from around the globe include IMF, World Bank, JP Morgan, and many in the country itself who were not happy with the decision. A recent survey in the state revealed that nearly 70% of Salvadorians were not pleased with the decision to use Bitcoin as legal tender.

Mainstream media has also likened President Bukele to a dictator for moving ahead with the plan despite the country having no financial stability. Bukele on the other hand has ignored all the criticism and maintained the decision is for the greater good as more than 70% of the Salvadorian population remains unbanked.

President Bukele also launched a free Bitcoin airdrop campaign offering $30 worth of BTC to each adult citizen under the national Bitcoin wallet program in association with Chivo. Chivo would offer Bitcoin wallet services across the nation.

While Salvador has failed to garner support from world organizations, the crypto community has come in full support of the small nation from the day it announced its Bitcoin plans. Many in the crypto believe the decision by El Salvador was quite brave and it would create a domino effect for other financially unstable states to follow the same.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1070 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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