Wikipedia has listed Bitcoin (BTC) as one of El Salvador’s official currencies —shortly after, the country turned BTC into an official legal tender approved by a supermajority in the Salvadoran Congress.
— Documenting Bitcoin 📄 (@DocumentingBTC) June 9, 2021
- El Salvador became the first country to accept Bitcoin as a legal tender. It will take 90 days for the law to be enacted, which will allow merchants and the general population to prepare.
- Besides, the country will grant citizenship to anyone that invests Bitcoin into the nation’s economy.
- The recent adoption by less-developed countries has given a lot of discussion to the crypto community. Many at first thought that first-world countries would be the first to pass laws to adopt Bitcoin as a legal tender or use blockchain technology.
- But cryptocurrencies have proven to be alternative store values and a way to protect oneself from hyperinflation. Soon after El Salvador announced Bitcoin as a legal Tender, Paraguay started working on projects involving Bitcoin and PayPal. Likewise, Panamá is working on a proposal to embrace BTC and other cryptos as well.