Home » El Salvador becomes first country to...

El Salvador becomes first country to adopt bitcoin as legal tender

Sumit Arora Published On June 10th, 2021 Leave a comment

El Salvador has become the first country in the world to grant legal tender status to bitcoin. The use of bitcoin as legal tender will become law in 90 days. El Salvador’s economy heavily relies on remittances and so those who are working abroad can send money back home in bitcoins. The use of bitcoin will be totally optional. It will bring financial inclusion, investment, tourism, innovation and economic development to the country.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Important takeaways for all competitive exams:

El Salvador Capital: San Salvador; Currency: United States Dollar;
President of El Salvador: Nayib Bukele.

Find More International News

About the Author

Sumit Arora

Author

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.