CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$27,222.00
  • ethereum
    ETH$1,904.52
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Three Months Later: Bitcoin Now Officially a Legal Tender in El Salvador

    Three Months Later: Bitcoin Now Officially a Legal Tender in El Salvador

    Author: George Georgiev

    Last Updated Sep 9, 2021 @ 08:49

    It’s ‘Bitcoin Day.’ The law turning Bitcoin into a legal tender in El Salvador is now officially in force.

    It’s official – Bitcoin, the world’s leading cryptocurrency by means of market capitalization, has become a recognized legal tender in the country of El Salvador.

    A Quick Timeline

    As CryptoPotato reported back in June, El Salvador’s President – Nayib Bukele, who is touted by many to be a progressive and tech-savvy politician, said that he’s planning to introduce a law that will make bitcoin a legal form of money in the country.

    Naturally, the news spread like wildfire, and the entire community was talking about it.

    Despite the overwhelming positivity from the cryptocurrency community, there were also some naysayers. JP Morgan said that this move comes with no economic benefits, while Steve Hanke called it downright stupid.

    Nevertheless, Bukele wasn’t concerned. In fact, he also announced that every citizen of El Salvador would receive $30 worth of BTC.

    Now, the law has officially gone into effect. It was passed back on June 9th with a supermajority as 62 members voted in favor, while only 19 opposed and three refrained from voting.

    PresidentSalvador
    El Salvador’s President Nayib Bukele

    Now What?

    Well, the first thing to consider is that every economic agent in the country must accept the use of BTC as a legal form of payment. This means that goods and services can be purchased with it, and it cannot be refused.

    El Salvador also became the very first country to buy bitcoin. They bought 200 BTC yesterday, while President Bukele said that their “brokers would be buying a lot more as the deadline approaches.”

    It’s also worth noting that the law didn’t go without its opposition. The World Bank stated that it won’t be able to assist its implementation mainly because of environmental concerns, as well as transparency drawbacks.

    On the other hand, though, a serious group of enthusiasts is showing support for the country. There’s an ongoing Reddit post with over 9,100 upvotes that suggests community members buy bitcoin worth $30 each.

    So far, the price of the cryptocurrency has declined a bit, down 0.8% in the past 24 hours. However, prior to that, it had increased considerably, reaching almost as high as $53K.

    On top of everything else, proponents are now passing off this day to be commemorated as “Bitcoin Day,” celebrating the massive milestone of becoming an officially recognized and regulated legal tender.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

    Tags: Bitcoin El Salvador Regulations
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

  • bitcoin
    BTC$27,222.00
  • ethereum
    ETH$1,904.52
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!