In world first, bitcoin becomes legal tender in El Salvador – Roya News English
- Date: 08-Sep-2021
- Source: Roya News
- Sector:Financial Markets
- Country:Middle East
In world first, bitcoin becomes legal tender in El Salvador – Roya News English
El Salvador on Tuesday became the first country to introduce bitcoin as legal tender, with high demand forcing a freeze of its online cyber "wallet" system on Day 1.
Under the initiative of President Nayib Bukele, Salvadoran consumers can now legally use bitcoin -- along with the US dollar which has been the official currency for two decades -- to pay for any good or service.
Bitcoin can be bought and spent using a cyber wallet called "Chivo" (which translates as "cool" in the local dialect), while cash can be drawn, in dollars, from some 200 bitcoin automatic teller machines hastily erected countrywide.