Ad

Has Bitcoin (BTC) officially become El Salvador’s currency? Wikipedia thinks so

By:
on Jun 10, 2021
Listen
  • Wikipedia has recognized Bitcoin as El Salvador’s official currency after the crypto asset a legal tender.
  • El Salvador has stated that it will be granting citizenship to anyone who invests in its economy using BTC.
  • This means merchants and the general public can trade, transfer, and use Bitcoin like the US dollars.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Earlier this week, El Salvador announce its plans to make Bitcoin (BTC/USD) a legal tender in the country. Now, it seems the country’s congress has made this plan a reality, as Wikipedia listed the cryptocurrency as one of its official currencies.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

El Salvador became the first country to take Bitcoin as a legal tender. However, the law won’t come into effect until after 90 days. Yet, that hasn’t stopped El Salvador’s government to put certain things in place to make sure the cryptocurrency is globally recognized as one of its official currencies.

When the law is enacted, it will enable merchants and the general public to trade, transfer, and use Bitcoin exactly like they would use the US dollars, the country’s official currency.

Now both the dollars and Bitcoin will be treated in the same legal space, according to the El Salvadorian government.

Bitcoin still thriving despite challenges

Copy link to section

Bitcoin has been receiving a lot of backlash for the past several weeks. The most valuable cryptocurrency in the world has been the subject of a debate about its extreme use of fossil fuel when mining. This is in addition to the ban the Chinese government placed on the token last week. A combination of these factors and others have contributed to the dwindling price of the crypto asset.

But these issues have not deterred it from being recognized and adopted in several quarters. The recent move by the El Salvadorian government will increase the demand for Bitcoin, as well as enable crypto newbies to invest in the crypto asset.

Additionally, the country has stated that it will grant citizenship to anyone who invests in its economy using Bitcoin.

Law to be enacted within 90 days

Copy link to section

El Salvador became the first country to accept Bitcoin as a legal tender. It will take 90 days for the law to be enacted, which will allow merchants and the general population to prepare. 

Besides, the country will grant citizenship to anyone that invests Bitcoin into the nation’s economy. Paraguay and Panama are also working on projects that will enable the embrace of Bitcoin as well as other cryptocurrencies.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals™.

0/10
Learn more
Bitcoin Crypto