President Nayib Bukele announced late Monday that his government has purchased another 200 bitcoins ahead of El Salvador’s formal adoption of the currency. El Salvador now holds 400 bitcoins, which are worth nearly $21 million at current trading levels.
From Tuesday, bitcoin will be used as legal tender in El Salvador alongside the US dollar. Bukele tweeted that the country’s brokers “will buy much more as the deadline approaches.”
The law designating bitcoin as legal tender says that all “economic agents” shall accept the cryptocurrency as a form of payment. It also says that tax payments can be made in bitcoin.
Salvadorans will also be able to download the “Chivo Wallet”, an application created by the government which will deliver $30 worth of bitcoin to people to promote its use.
“The process of #Bitcoin in El Salvador has a learning curve. Every step toward the future is like this,…
