El Salvador: The first country to recognize Bitcoin as its official currency

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The pioneer is El Salvador as the first country to recognize Bitcoin as the legal tender (along with the dollar), an initiative that logically sparked discussions about the pros and cons of cryptocurrency.

From today, Tuesday, the country’s businesses will be obliged – where possible – to accept digital currencies when paying.

At the same time, millions of people are expected to download an application-digital wallet provided by the government, which gives to every citizen Bitcoin worth $ 30.

Bitcoin fans around the world are buying $ 30 worth of digital currencies as a sign of support and to boost the value of the volatile currency.

THE value of Bitcoin, as reported in its post BBC, has shown large fluctuations in the last year. It went from about $ 10,000 in September 2020 to $ 63,000 in April 2021 and then plunged to $ 30,000 in July of this year. The value of Bitcoin has reached $ 51,000 in recent weeks, a fact that some analysts attribute to El Salvador.

More than 200 ATMs are being set up across the country to allow the conversion of dollars into Bitcoin.

Reactions from the citizens

However, the people of the country do not seem to applaud the government for this decision. Recent protests in the capital, San Salvador, demonstrated a lack of trust among citizens and accused the government of trying to distract the people.

Many governments around the world, such as China, are moving in the opposite direction and trying to limit the use of cryptocurrencies. However, the former resident of El Salvador and his lover Bitcoin, Gerson Martinez, believes that El Salvador will not be the last country to recognize Bitcoin as its official currency.

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