El Salvador Becomes First Cryptocurrency Nation.
El Salvador becomes first country to make Cryptocurrency as Legal tender and approved Bitcoin as payment.
El Salvador Congress passed on June 9 a bill allowing Bitcoin, the world's largest cryptocurrency, to be legal tender. The law effectively allows cryptocurrency to be used as payments for goods or services.
El Salvador is a country in Central America. It is bordered on the northeast by Honduras, on the northwest by Guatemala, and on the south by the Pacific Ocean. El Salvador's capital and largest city is San Salvador.
El Salvador President Nayib Bukele said,
The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress. 62 out of 84 votes! History! #Btc🇸🇻.
He hopes the plan will lead to a boost in foreign investment, financial inclusion, and the creation of jobs.
In this Central American country, Bitcoin is now legal tender for the first time. In 90 days, it will become legal tender.
As of June 9, the global cryptocurrency market cap is $1.50 trillion, a decrease of 3.04 percent, while the total crypto market volume is $132.13 billion, which is a gain of 29.23 percent. In the last 24 hours, all stable coins had a volume of $105.17 billion, or 79.60 percent of the total crypto market volume.
The Bitcoin (BTC) price is up after this news came. At the time of writing its price $34,867USD. You can check current price here.
The cryptocurrency market is increase day by day. Experts predict $100,000 BTC price in future.
After this news Twitter users reaction came
#Btc🇸🇻 https://t.co/x5r0Td6SiQ
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
This El Salvador 🇸🇻 headline announcing #Bitcoin has become legal tender, was just embedded into the blockchain. It will now remain there for all of eternity. pic.twitter.com/DtHiFDB4XM
— Documenting Bitcoin 📄 (@DocumentingBTC) June 9, 2021
El Salvador is the first country to adopt the Bitcoin Standard.
— Pomp 🌪 (@APompliano) June 9, 2021
It won’t be the last.
For 3 Bitcoin, you can become a permanent resident of El Salvador.
— Douglas A. Boneparth (@dougboneparth) June 9, 2021
For 3 Dogecoin, you can become a permanent resident of your parents’ basement.