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.
Important takeaways for all competitive exams:
- El Salvador Capital: San Salvador; Currency: United States Dollar;
- President of El Salvador: Nayib Bukele.