Thursday, June 17, 2021

Bitcoin (BTC) Is Officially a Legal Tender in El Salvador, Offers Permanent Residency with 3 BTC

As a report has it, El Salvador has now officially made Bitcoin (BTC), the largest cryptocurrency by market capitalization, a legal tender.

This was announced a few hours ago by Nayib Bukele, the President of the country, via his official Twitter handle.

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According to Bukele, 62 out of 84 votes went in favor of the proposal. So, for Bitcoin to be accepted as a legal tender in the country implies that no one has the right to refuse BTC for payment.

Although a lot of countries have many providers accepting Bitcoin (BTC), El Salvador becomes the first country to do so on a national level.

The new development further legitimizes Bitcoin (BTC) as a currency and many experts believe that this has set the tone for others to follow.

Read Also: Iranian Government Licensed Bitcoin Mining Farm to Set Up In Iran

Nayib Bukele tweeted, “The Bitcoin Law has been approved by a supermajority in the Salvadoran Congress. 62 out of 84 votes! History!”

Permanent Residency with 3 BTC

During a live audio conversation hosted within “Spaces” on Twitter, President Nayib Bukele revealed that El Salvador would grant permanent residency for immigrants with 3 BTC worth $102,164 at the time of filing this report.

According to Bukele, the government will launch a BTC wallet for its citizens, but people are can use any wallet of their choice.

Additionally, the President said the country will be running a trust fund, which will hold relatively $150 million worth of BTC to circumvent the volatility. So, merchants won’t have to take any risk.

Read Also: Goldman Sachs Report: Ethereum (ETH) Price Will Skyrocket Until It Dominates Bitcoin (BTC)

However, as stated by Bukele, there is no intention to de-dollarize El Salvador despite the push for cryptocurrency:

“We are not trying to de-dollarize because it won’t serve us any purpose…It’s gonna help having both currencies as legal tender.”

He has also planned to have a conversation with the International Monetary Fund this week. He’s also suggested that a mining facility be set up to use geothermal energy from volcanoes.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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