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š El Salvador Becomes First Country to Adopt Bitcoin as Legal Tender
In September 2021, El Salvador made history by becoming the first country in the world to recognize Bitcoin as legal tender. President Nayib Bukeleās government passed the law in a bold attempt to modernize the countryās economy and reduce reliance on the U.S. dollar.
š± As part of the rollout, the government launched a wallet app called Chivo, offering citizens $30 worth of BTC for signing up. Businesses were required by law to accept Bitcoin, though many expressed skepticism and concern about volatility.
šļø The government also started buying BTC for its treasury and began building āBitcoin Cityā, a tax-free crypto hub powered by geothermal energy from volcanoes.
ā ļø While praised by crypto enthusiasts worldwide, international institutions like the IMF raised red flags, citing risks to financial stability and transparency.
š„ El Salvadorās experiment remains ongoing ā with ups and downs ā but it undeniably marked a new era in crypto adoption.
š·ļø #ElSalvador #BitcoinLegalTender
#CryptoAdoption
#BitcoinCity
#CryptoWorldNews
In September 2021, El Salvador made history by becoming the first country in the world to recognize Bitcoin as legal tender. President Nayib Bukeleās government passed the law in a bold attempt to modernize the countryās economy and reduce reliance on the U.S. dollar.
š± As part of the rollout, the government launched a wallet app called Chivo, offering citizens $30 worth of BTC for signing up. Businesses were required by law to accept Bitcoin, though many expressed skepticism and concern about volatility.
šļø The government also started buying BTC for its treasury and began building āBitcoin Cityā, a tax-free crypto hub powered by geothermal energy from volcanoes.
ā ļø While praised by crypto enthusiasts worldwide, international institutions like the IMF raised red flags, citing risks to financial stability and transparency.
š„ El Salvadorās experiment remains ongoing ā with ups and downs ā but it undeniably marked a new era in crypto adoption.
š·ļø #ElSalvador #BitcoinLegalTender
#CryptoAdoption
#BitcoinCity
#CryptoWorldNews
Day 7 ā A Country Made Bitcoin Legal Tenderā¦ and It Wasnāt the U.S. šøš»
> šš„ Crypto Fact of the Day
In 2021, El Salvador became the first country in the world to declare Bitcoin as legal tender.
That means:
You can use BTC to pay for anything ā from coffee to taxes.
Businesses are required to accept Bitcoin by law.
Even the government launched a crypto wallet called Chivo and gave citizens $30 in BTC to onboard them.
President Nayib Bukele even announced plans to build a āBitcoin Cityā powered entirely by a volcano (yes, seriously š) and funded by Bitcoin-backed bonds.
While the world watched nervously, El Salvador made history ā proving that crypto isnāt just for tech bros anymore. Itās now part of national policy.
#CryptoFacts #ElSalvadorCryptoWealth r #BitcoinLegalTender #btcadoption #ChivoWallet
> šš„ Crypto Fact of the Day
In 2021, El Salvador became the first country in the world to declare Bitcoin as legal tender.
That means:
You can use BTC to pay for anything ā from coffee to taxes.
Businesses are required to accept Bitcoin by law.
Even the government launched a crypto wallet called Chivo and gave citizens $30 in BTC to onboard them.
President Nayib Bukele even announced plans to build a āBitcoin Cityā powered entirely by a volcano (yes, seriously š) and funded by Bitcoin-backed bonds.
While the world watched nervously, El Salvador made history ā proving that crypto isnāt just for tech bros anymore. Itās now part of national policy.
#CryptoFacts #ElSalvadorCryptoWealth r #BitcoinLegalTender #btcadoption #ChivoWallet
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