Sometime in June this year, El Salvador made the headlines for being the first country in human history to consider using Crypto (Bitcoin) as a legal tender. Sept. 7, 2021, will see this history made as the North American Country becomes the first in the world to adopt cryptocurrency as a legal tender.
Today, Sept. 7th. 2021, El Salvador become the first country in the world to make bitcoin legal tender. This is coming 20 years after adopting the US dollar as its national currency.
In a plan spearheaded by president Nayib Bukele, citizens can now shop, pay taxes and buy land using Bitcoin.
President Nayib Bukele hopes to cut the yearly remittance fees Salvadorans pay. Which is 1/4 of the country’s GDP & also promote financial inclusion for those without bank accounts and facilitate access to a potentially high-yielding asset.
El Salvador has just bought its first 200 coins. Our brokers will be buying a lot more as the deadline approaches. President Nayib tweeted on Monday night.
Across the country, Chivo ATMs will allow consumers to buy bitcoin or convert it into cash, with the government absorbing commission costs.
