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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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:
The East Bengal have finally ended one of the Indian Football's lonest title after they…
NASCAR legend Kyle Busch passed away at the age of the 41. He was one…
India's ambitious restoration mission Project Cheetah is showing the strong momentum as the India's cheetah…
Delhi Forest Department set to develop the 'Vaman Van' which is an interactive biodiversity zone…
India has postponed the Fourth India-Africa Forum Summit which was schedule to be held in…
India and South Korea have strengthened the strategic relationship as Defense Minister of India Rajnath…