San Salvador To Use Bitcoin as Legal Tender!

San Salvador

Subscribe Here!


The statement became the famous headline of the news “El Salvador onboard three million bitcoin users in the country” worldwide. Every country is shocked by hearing this statement launched by the president of San Salvador, Nayib bukele.

The price of bitcoin increased when he announced that he would make bitcoin legal tender in El Salvador. So, in this article we will discuss why Nyibe Bukele said that to make bitcoin a legal tender for everyday transactions and the benefits of using bitcoin in San Salvador.

Announcement

Nyibe buckle is the president of El Salvador who launched bitcoin as a legal tender so every citizen can use bitcoin in their country. On 7th September, bitcoin became the legal tender in El Salvador, and it is the world’s first country that accepts bitcoin as permitted to do all the transactions. India is also considering a crypto bill.

This country’s total population is sixty-eight lakhs, which means 6.8 million people live here, and half of the people accepted are using bitcoin as fiat currency. 

Nyibe Bukele

Nyibe Bukele is the president of America’s major country named El Salvador. He is a businessman and politician and became president on 1st June 2019 after winning the elections of 2019. However, he was criticized or declared wrong or evil for sending the soldiers into the legislative assembly and strict response to the Covid pandemic.

But in the latest tweet, he stated that not every citizen of El Salvador could use bitcoin for their daily transactions because it became legal on 7th September.

El Salvador

El Salvador is one of the famous countries in America’s center. The population of this country in 2021 will be approximately 6,800,000. San Salvador is a popular city in El Salvador because it is the central hub of El Salvador. El Salvador’s main centers are in this famous city, such as financial, political, and educational centers.

See also  How to Leverage Data Science in Supply Chain!

3 million users onboarding

The population of El Salvador is 6.8 million, and half of the people, i.e., 3 million people, started using and accepted bitcoin to use for daily transactions after the recent tweet of president Nyibe Bukele. When Nyibe Bukele announced bitcoin as legal tender, he got 62 out of 84 votes in favor of using bitcoin as legal work in the country from lawmakers.

As a result, he has distributed bitcoins to the citizens of El Salvador worth 30 dollars through the state-sponsored Chivo wallet or app. He has also installed more than 200 bitcoin ATMs in the country, so anyone can easily buy and sell bitcoin in exchange for fiat currency.

Country development

Bitcoin is a very popular globally accepted cryptocurrency that means you can send or receive bitcoin from anywhere and anytime. It is a decentralized system which means third parties cannot control it, and it will never stop in the future.

So Nayibe Bukele said in his tweet that adopting bitcoin as legal will help develop the country, such as innovations, infrastructure, increase in GDP, investment, etc. Many people can expand their business worldwide because bitcoin is a global currency, and it will increase more exports that mean the country’s income will increase. 

Businesses will accept bitcoins

We use fiat currency in our daily life to do small or big transactions such as in USD, POUNDS, EURO, INR, etc. But in El Salvador, if you want to buy something from a restaurant in bitcoin, they cannot tell you, our business is not accepting bitcoin. However, every company in El Salvador will accept bitcoins as payments.

See also  Benefits of Pursuing a Degree in Chemistry!

Bekele has also announced that if the person holds more than equal to three bitcoins, they will get the citizenship of El Salvador. Giving this citizenship offer increases the use of cryptocurrency so that outsiders will use bitcoins to get citizenship of this country because El Salvador is already a famous country in America. To learn more about trading without any experience visit Bitcoin Fast Profit

Mining hub

Mining means to validate bitcoin transactions by solving complex mathematical problems by using computational power. The persons working behind bitcoin are called miners. The president of El Salvador said that he is working on building the biggest mining hub by establishing a geothermal plant.

It is because mining requires more electricity and power to solve a block of transactions. Miners get a reward of 6.25 BTC for validating one block on the blockchain, and the reward is worth 3,61,882 US dollars at the time of writing this article. So owning a mining hub will lead to generating more revenue for the country. 

He has also announced that all the transactions will happen in cryptocurrency, i.e., bitcoin. You can pay tax in bitcoin, make any payment outside, and receive payments from outside. You can accept bitcoin payment by integrating the code in your website or by generating the QR code in offline stores.

San Salvador article and permission to publish here provided by Jean Nichols. Originally written for Supply Chain Game Changer and published on October 29, 2021.
%d bloggers like this: