El Salvador has become the first country in the world to accept Bitcoin as legal tender. The government of El Salvador claimed that the move will give many citizens of the country access to bank services for the first time. In addition, trading in cryptocurrency will help the country save around $400 million in fees that is levied by banks and financial institutions on the money sent home by expats.
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The acceptance of Bitcoin as a legal currency by El Salvador follows a law approved by the country’s parliament in June. At the time, the country allowed Bitcoin to be accepted as tender for all goods and services. The bill was approved within 24 hours of being presented to Congress by President Nayib Bukele.
Important takeaways for all competitive exams:
- El Salvador Capital: San Salvador;
- El Salvador President: Nayib Bukele.