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El Salvador becomes first country to adopt bitcoin as legal tender

Sumit Arora June 10th, 2021 10:02 am 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.

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

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Sumit Arora

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As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.