Bitcoin Officially Becomes The Legal Tender Of El Salvador

Credit: Salvador Melendez (AP)


The government of El Salvador purchased at least 200 bitcoin recently, ahead of the country officially recognizing bitcoin as a form of legal currency on Tuesday. The purchase brings the government’s total holdings to at least 400, the equivalent of roughly $20.5 million in crypto based on this morning’s price.

“El Salvador just bought 200 new coins,” President Nayib Bukele tweeted on Monday night. “We now hold 400 #bitcoin #bitcoinday”

Bukele, a 40-year-old aligned with the political right wing, championed a law back in June to officially recognize bitcoin as a national currency. The law going into effect today, meaning people will be able to pay their taxes with bitcoin, and perhaps most importantly, avoid capital gains taxes on bitcoin in the country.

The government has even incentivized the adoption of bitcoin within El Salvador with the country’s official crypto wallet, known as Chivo. Citizens can sign up and receive $30 in free bitcoin, though privacy advocates are concerned about the app. Bukele has reassured nervous Salvadorans that all wages and pensions from the government will still be paid in U.S. currency, which El Salvador adopted in 2001 after its national currency crashed, and not in bitcoin.

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