El Salvador has decided to officially recognize Bitcoin as a medium of payment. That means that the national currency will be in exchange for Bitcoin starting on September 7th. El Salvador is not the first country to acknowledge Bitcoin, but it has made the move in the last few months in order to get the economy ready for the upcoming Bitcoin Cash hard fork.
El Salvador, a country with a relatively small population, will turn to bitcoin to help solve its current fiscal issues. According to a report from El Mundo, the Central Bank of El Salvador (CES) has sent a letter to the country’s legislators, advising them to approve legislation before the end of the month.
It seems like a lot of people are looking forward to September 7th, and it’s not just because of the Bitcoin Cash hard fork (which will take place on that day too). On that date, El Salvador will become the first country in the world to officially recognize the cryptocurrency as legal tender. This is a big deal, as it’s the first time in the history of the world that a government has formally recognized a digital currency as legitimate.. Read more about when was bitcoin at its lowest and let us know what you think.
In just a few weeks, El Salvador has gone from announcing its intention to introduce bitcoin as legal tender in the country to passing a law and has now set an official launch date for the system on December 7. September 2021, announced.
If there is no delay, the 7. September 90 days have passed since the Central American country’s Congress gave its approval. This timetable corresponds to that originally indicated by the President of El Salvador, Nayib Bukele.
Bukele said although traders must support the BTC with this option, citizens can use it if they wish.
El Salvador has not only announced that it will adopt bitcoin as legal tender, but it has also launched several supporting initiatives. Here are some examples.
To encourage the rapid adoption of bitcoin, Bukele recently announced that the government would roll out a digital wallet called Chivo. This wallet comes pre-loaded with $30 in free BTC for verified citizens of El Salvador when loaded.
It is not yet known if Chivo will allow the use of both dollars and BTC. Despite the president’s obvious sympathy for BTC, he said the country does not plan to completely replace the dollar – instead, El Salvador will operate as a dual currency country, accepting the USD and BTC on equal terms.
Bitcoin has come under fire recently for its negative effects on the environment. Although this increased attention is greatly exaggerated in most reports, it has led to several positive changes in the mining industry, with production shifting to green energy sources.
President Nayib Buquele of El Salvador, who became a global ambassador for bitcoin by adopting the currency, announced that the country will rely on geothermal energy from volcanoes as an energy source for bitcoin mining.
It is an excellent example of how the country makes good use of a unique energy source. Whether it’s hydroelectric dams, volcanoes, solar farms, tidal power plants or even piezoelectric polymers, free energy is all around us – we just need to make use of it.
As expected, all eyes are now on El Salvador, which is experiencing a string of firsts. No other country has accepted BTC to the degree intended – yet. However, there may soon be a snowball effect, as reports from various politicians around the world indicate that other countries will be taking similar steps in the near future. One country where such changes are expected is Paraguay. Last week, deputy Carlitos Rehala tweeted that he expected Paraguay to pass a law recognizing BTC as legal tender in July.
While nothing has been officially confirmed yet, there are reports that several countries other than Paraguay are likely to follow El Salvador’s lead.
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