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El Salvador officially recognized bitcoin

September, 07 2021
watermark Economic news

The authorities of El Salvador announced the purchase of an additional 200 bitcoins before approving bitcoin as a legal tender. Currently, 400 bitcoins worth about $21 million are stored in El Salvador.


Already on Tuesday, bitcoin will be used in the country as a means of payment along with the US dollar. The law of El Salvador states that bitcoin is a legal tender in the country, and all economic agents must accept this cryptocurrency as a form of payment. Taxes can also be paid in bitcoins.


Residents of the country will also be able to download the «Chivo Wallet» application, created by the government, which will provide people with bitcoins worth $30 to promote the use of this cryptocurrency.


The decision to introduce bitcoin in El Salvador is a bet on attracting new investments to the poor country. The authorities also hope to reduce the fees for sending money transfers from abroad.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.