Bitcoin is now a legal tender in El-Salvador starting from yesterday the 7th of September 2021. Unfortunately, the BTC price crashed the market on first day. Consequently, a lot of speculations regarding the adoption of BTC have been doing rounds.
However, El-Salvador is gliding through the odds, by buying the dip. The Central American country now holds 550 BTC’s. The move has been appreciated by crypto enthusiasts. Also, El-Salvador has arguably more resources working towards its alternative currency infrastructure.
- 200 BTC ATMs and 50 kiosks have been set-up, to implement wider use amongst citizens.
- The Chivo wallet is the official Bitcoin and Dollar wallet of the government of El-Salvador, which comes pre-loaded with $30 worth of currency for users who register with Salvadoran national ID numbers.
- Proposal for implementing Bitcoin mining using renewable energy from the country’s volcanoes.
- El-Salvador offers numerous perks to bitcoiners such as world-class surfing beaches, great weather, beachfront properties for sale, no property tax, no capital gains tax on BTC, and immediate permanent residence for crypto entrepreneurs.
Growing acceptance of Bitcoin amongst Salvadorans
The adoption of digital currency amongst the citizens is growing satisfactorily, people are making transactions with the new ledger system. Video clips of people using BTC as a mode of payment are going viral on the internet.
References of retail units such as McDonald’s and Starbucks accepting the new legal tender, and advertising the same in their stores is coming to light. El-Salvador’s largest newspaper adds Bitcoin price on its homepage.
In conclusion, it is worth mentioning that Edward Snowden has commented on the legalization of BTC as a legal tender in El-Salvador. He believes that it is important for other countries to adopt BTC as well. The adoption will gain momentum as time passes by.