YENSA WERTH, ASSISTANT EDITOR
El Salvador is the first country to receive Bitcoin as their main currency. President Nayib Bukele proposed that El Salvador receive Bitcoin and this law was passed by the Legislative Assembly of El Salvador on the 8th of June 2021. This allowed cryptocurrency bitcoin the status of legal tender within El Salvador on the 7th of September 2021.
“The money is coming from the Salvadoran Trust for the Adoption of Bitcoin or Fidebitcoin. The value of a unit of the cryptocurrency is currently enjoying an all-time high of around $67,000. Fidebitcoin was set up after the country adopted Bitcoin as legal tender in September. The fund currently has $150m in reserves and is being managed by the Bank for the Development of El Salvador.” – Global Construction Review
I had the pleasure of travelling to El Salvador just last month and as soon as I walked into the airport I saw a large sign saying that Bitcoin is accepted. I stayed at a resort that also accepted Bitcoin for payment. It was astonishing knowing that this country only works in the USD or Bitcoin, and no longer has a trace of El Salvadorian Dollars. The El Salvadorian president sees the strength and benefits along with opportunities of using Bitcoin and adapting to blockchain technology. They have planned the construction of 20 schools through the Mi Nueva Escuela programme, where they seek to have 400 primary schools completed. These schools will be built using proceed from the government’s Bitcoin fund and there are no taxpayers money included! Of course, with any new endeavour, there might be some setbacks, such as some locals complaining about the government’s cryptocurrency app, but it is with the understanding that they are trying their best to smooth out this technology hiccup in order to provide smooth transactions for everyone.
El Salvador’s Bitcoin profits are to be poured into health and education and with this transition to Bitcoin, the fight against fraud is starting to make progress! We look forward to seeing more updates in more countries when it comes to Bitcoin and Blockchain currency. We are pleased to know that the profits of Bitcoin for El Salvador are managed well and help out major facilities offering help for health and education!
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