Chivo Wallet User Numbers Suggest Rising Bitcoin Use in El Salvador

El Salvador has been in the news for months now, with the country being the first to accept Bitcoin as legal tender. Ever since the news broke, critics have expressed differing opinions about its meaning for the El Salvador people. However, it would appear that Bitcoin adoption might be ramping up in the Central American country. Chivo Grows Its User Numbers Last weekend, President Nayibb Bukele of El Salvador said on Twitter that his country’s Chivo Bitcoin wallet had already gotten 2.1…

Has El Salvador’s Bitcoin Legal Tender Stance Impacted the Crypto Adoption?

El Salvador is a country in Central America that borders the Pacific Ocean to the north. It also borders Guatemala to the southeast and Honduras to the southwest. It has recently adopted Bitcoin as its legal tender. BTC is now a lawful means of payment in the country. For some time now, many countries have turned their attention to the "future of finance." This act has triggered numerous reactions worldwide. Also, many countries take sides between backing and condemning crypto adoption.  Why…

What it Means to Make Bitcoin a Legal Tender

June 9, 2021, marks the first move that would make history in Bitcoin's timeline. El Salvador passed a bill where 62 of 84 congressional voters would make Bitcoin a legal tender. Fast forward to September 7, and El Salvador became the first country to make Bitcoin a legal tender. In this article, we shall look into what it means for Bitcoin to be a legal tender in detail; What is Legal Tender? "This note is legal tender for all debts, public and…

Crypto Market Crashes on El Salvador’s Bitcoin Day, What Could be the Reason?

The crypto market faced one of the most volatile days in history as a severe flash crash took the market by surprise on El Salvador's "Bitcoin Day." Investors expected the world's leading crypto to shine as El Salvador officially adopted BTC as legal tender on September 7. The announcement should have been a fundamentally bullish moment for the king coin. Many market participants touted the historical development as a landmark event that would have massive implications on crypto adoption globally.  …

El Salvador Officially Makes BTC a Legal Tender As the Crypto World Watches Anxiously  

El Salvador is officially the first country to adopt bitcoin as legal tender. The president, Nayib Bukele, commented that the move would see the majority of its citizens access bank services for the first time. Besides, it will save over $400 million in fees on remittances sent home from overseas. Last year alone, remittances to El Salvador came to close to $600 billion. It represents about 23% of its total gross domestic product. It makes it one of the highest…

President of El Salvador: Bitcoin Law Facilitating Zero Commissions is not Mandatory

On Monday, August 23, El Salvador President Nayib Bukele announced that the Bitcoin tender law would launch on September 7. He said it is not a must for individuals to use bitcoin. Furthermore, he confirmed financial institutions would convert BTC payments to dollars. He explained to his 2.8 million Twitter followers that people are at free will to accept BTC or not. Bukele wrote that whoever wants to continue to carry cash may not receive a sign-on bonus. Also, they…

Why The Government’s Approval Could Be What Crypto Needs to Reach Mainstream Adoption

In 2021, The El Salvador president proposed accepting Bitcoin as a legal tender in the country. The bill targeted the introduction of Bitcoin as a legal currency to be used in everyday activities. Later in June, it passed the law in the Salvadoran Congress, where 62 out of 84 members voted for the bill.  The news of El Salvador using crypto trended for over one week, sparking other countries like Paraguay to follow the course. Although Paraguay's plan is not…

El Salvador May Issue Its Stablecoin Before New Year

The Government of Nayib Bukele plans to create a national cryptocurrency currently referenced as the Colon dollar. According to El Faro newspaper, which cites videos of private meetings between cryptocurrency investors, officials, and two of the president's brothers, the currency would be tied to the value of a fiat currency like the dollar. The development, which is targeted soon, would restore an essential element of monetary policy that the country lost when it adopted the U.S. Dollar in 2001: issuing…

El Salvador Plans to Launch 1500 New Bitcoin ATMs Gradually Towards September

Athena Bitcoin company spokesman has just confirmed that it aims to invest more than $ 1 million (approximately Rs 7.4 crore) to set up cryptocurrency ATMs in El Salvador, particularly where foreign residents get remittances. Citizens can use ATMs to either buy or sell Bitcoins for cash. El Salvador's President, Nayib Bukele, is invested in seeing more people use and transact in cryptocurrencies. He has, however, made clear that the rumors about mandating the use of Bitcoin for every citizen…

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