In Brief:
- Now, Bitcoin is a legal tender in El Salvador
- The country purchased total of 400 tokens of the Bitcoin
- Polls find 70% of Salvadorans opposed to Bitcoin Law
Bitcoin is now a legal tender in El Salvador after the passing of the law in June. El Salvador President Nayib Bukele said El Salvador has bought its first 400 coins as it prepares to adopt Bitcoin as legal tender.
According to the announcement, now the country holds a total of 400 bitcoins. The currency has a market value of nearly $20 million at current prices.
“Our brokers will be buying a lot more as the deadline approaches,” he added. Hours later, Bukele also used the hashtag #BitcoinDay along with the El Salvadorian flag in his tweets. The country decided to celebrate this historic day as a “Bitcoin Day”.
In support of this move the crypto community also announced to buy $30 worth of Bitcoin. It is the same amount as President Bukele promised to give anyone who uses the government’s bitcoin wallet, Chivo.
Last week, the El Salvador Congress approved a law to create $150 million funds for the adoption of cryptocurrency. The fund will be used to convert bitcoin to USD before the country plans to adopt cryptocurrency.
Bukele’s administration installed 200 Bitcoin ATMs and 50 bank branches around the country. Users can deposit and withdraw money without paying commissions.
Most recently New poll finds 70% of Salvadorans opposed Bitcoin Law. In the survey conducted by Central American University, 7 out of 10 Salvadorans want President Nayib Bukele’s Law to be repealed.
