El Salvador becomes world's first country to adopt Bitcoin as legal tender

  • 📰 9NewsAUS
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 72%

Coin Coin Headlines News

The move has led Salvadoran social organisations to try and repeal the currency, largely because they fear the volatility of the crypto. 9News

President Nayib Bukele announced late on Monday that his government has purchased another 200 bitcoins ahead of El Salvador's. El Salvador now holds 400 bitcoins, which are worth nearly $28.25 million at current trading levels.

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. "They asked me to help write a plan and that they viewed bitcoin as a world-class currency and that we needed to put together a bitcoin plan to help these people," he added.

While the price of bitcoin has lately been trending back toward the all-time high of nearly $87,453 it hit in April, it suffered a dramatic crash earlier this summer, when it lost more than half its value.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 10. in COİN

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fake COVID-19 vaccine passports for sale onlineOne user on encrypted messaging app, Telegram, told 9News he was selling counterfeit COVID-19 vaccination certificates for $500 in Bitcoin. This is alarming? The plans our govts are currently implementing in this country are alarming, the police actions against the Australian people is alarming, the publics' general lack of awareness or reaction to the fact our country is reverting to totalitarianism is alarming. Everybody's freedoms are essentially gone, including those that bowed to the Vax. People are being backed into a corner with government surveillance. Enough is enough. No wonder there is demand for these.
Source: 9NewsAUS - 🏆 10. / 72 Read more »