This week in crypto we have seen major Bitcoin developments in El Salvador and Paraguay along with the visible impact of China’s crypto crackdown on various mining companies and the Bitcoin network hash rate. While the price is still consolidating under $40K institutions are still betting big on the crypto ecosystem, with one of the
The move by the Caribbean Island nation, El Salvador to adopt Bitcoin as its official legal tender after the United States Dollar has been tagged by FitchRatings as bad for its banks. According to the New York-based economic analytics and rating firm, El Salvador’s plans will increase the need for local financial institutions to bolster
Nayib Bukele, the president of the Central American nation Salvador has hit back at the opposition leaders for creating fear among people over the recently passed Bitcoin law. The President said the Bitcoin bill was passed by congress through a democratic process and the falsehood created by some leaders in the opposition is uncalled for.
Nayib Bukele, the President of El Salvador took to Twitter to give a sneak peek into the upcoming Bitcoin mining setup that will be powered by volcanos. Salvador became the first country in the world to make Bitcoin a legal tender earlier this month. The Bitcoin bill was passed by the country’s congress with a
After the IMF raised concerns about El Salvador adopting Bitcoin (BTC) as a legal tender last week, the World Bank has rejected any kind of help for Bitcoin implementation citing transparency and environmental concerns. On Wednesday, June 16, El Salvador’s Finance Minister Alejandro Zelaya said they are currently seeking technical assistance from World Bank to
The Central American Bank for Economic Integration (CABEI) has come forward to help El Salvador with the technicalities of Bitcoin implementation as a legal tender. Dante Mossi, the chief of CABEI said they will be select a first-rate technical team that would work with the Salvadorian government to implement the changes. Mossi said, The signal
Last week, El Salvador passed the historic Bitcoin law making it the first country to make Bitcoin a legal tender. Soon as the Bitcoin law comes into action in the next 90 days, merchants will start accepting it against their goods and services. However, the International Monetary Fund (IMF) raised objections citing legal and economic
JP Morgan, the American multinational investment bank reacted to the recent adoption of Bitcoin as a legal tender by El Salvador. The bank compared the Central American nation’s move to dollarization in early 2000 by various countries. It also said the move seems growth-oriented. The bank released a note titled, ‘The Bitcoinization of El Salvador’
El Salvador, the Central American nation created history after passing a bill to make Bitcoin a legal tender in the country. Nayib Bukele, the President of the country also announced that they would welcome crypto companies to set up their offices and even grant citizenship to those ready to invest three Bitcoin in the country.
International Monetary Fund (IMF) has raised concerns over El Salvador’s adoption of Bitcoin as a legal tender. It said Bitcoin poses macroeconomics, financial and legal issues. IMF’s statement comes ahead of its meeting with Salvadoran president Nayib Bukele later on Thursday. Gerry Rice, an IMF spokesman said, “Adoption of bitcoin as legal tender raises several
El Salvador created history today by becoming the first country to approve Bitcoin as a legal tender. Nayib Bukele, the President of the Central American nation joined a Twitter Space hosted by Nic Carter when the Bitcoin bill was being discussed by the country’s Congress. During his Twitter space discussion, Bukele revealed that the country
Bitcoin has reached the legal tender stage where countries have started to show interest in adding BTC to their state treasury and El Salvador became the first state to do so. The president of the country Nayib Bukele took to Twitter to announce the news and even revealed that citizens won’t have to pay any