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El Salvador has purchased the first batch of 200 Bitcoins! Bitcoin will be allowed as legal tender
[2021/9/7]
On September 7 (Tuesday), before the US stock market, the U.S. blockchain concept stocks strengthened. As of 16:11 Beijing time, VPC Impact Acquisition (VIH.US) rose 11.65%, Ninth City (NCTY.US) rose 5.73%, Bit Mining (BTCM.US) rose 5.56%, and Bit Digital (BTBT.US) rose 6.25%, SOS Ltd (SOS.US) rose 4.26%, Canaan Technology (CAN.US) rose 4.52%. A few days ago, the price of Bitcoin was close to US$53,000. As of press time, it had risen by more than 1% to US$52,207.4.

On the news, El Salvador¡¯s President Nayib Bukele confirmed on Monday that the government had purchased the first 200 bitcoins before the introduction of a new law to make cryptocurrency legal tender on September 7.

                           

"As the deadline approaches, our brokers will buy more," Bukele wrote on Twitter, referring to the full implementation of the new Bitcoin law on September 7.

El Salvador is the first country in the world to recognize Bitcoin as legal tender. Despite opposition from local groups, the government believes that cryptocurrency will have a positive impact on the economy and society

The purchase is part of a new $150 million bitcoin fund approved by the Salvadoran Congress last week. Before the implementation of the new law, the fund will be used to facilitate the conversion from Bitcoin to U.S. dollars. At the current price, the value of buying BTC is slightly higher than 10.36 million US dollars.

                           

According to a previous report by "Beijing", in June this year, El Salvador became the first country in the world to recognize Bitcoin as legal tender. Although this decision was praised by the Bitcoin community, critics of the World Bank and the International Monetary Fund warned that the new strategy is not a good idea. Recently, hundreds of people across the country protested the new Bitcoin law

However, Bank Of America recently outlined at least four potential benefits of accepting Bitcoin in El Salvador. The bank stated in a report released in July that the country's adoption of Bitcoin can simplify remittances, promote financial digitization, provide more consumer choices, and open it to foreign investors.

The new Bitcoin law allows Salvadorans to hold Bitcoin as part of a long-term investment strategy, or to withdraw Bitcoin in cash from 200 ATMs installed across the country. The country is also building infrastructure to support Chivo, the state-issued bitcoin wallet. Chivo Wallet will have its own ATM, allowing citizens to withdraw cash 24 hours a day without paying commissions.

Javier Argueta, legal counsel of Nayib Bukele, stated in an interview that companies that refuse to conduct bitcoin transactions and do not use the country¡¯s Chivo wallet will face sanctions under the country¡¯s consumer protection laws.


(This article is from Bitpush.News)
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