thecryptobasic.com
El Salvador will today become the first country to accept Bitcoin as legal currency.
Late Monday night, President Nayib Bukele announced that the country bought their first 200 bitcoins ahead of El Salvador adopting the BTC as legal tender.
El Salvador has just bought it’s first 200 coins.
Our brokers will be buying a lot more as the deadline approaches.#BitcoinDay #BTC🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) September 6, 2021
After some hours President Nayib Bukele again shared that El Salvador bought additional 200 BTC, making a total of 400 Bitcoins.
El Salvador just bought 200 new coins.
We now hold 400 #bitcoin#BitcoinDay 🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) September 6, 2021
Now El Salvador holds 400 BTC worth nearly $21,000,000. El Salvador president says that his country will buy more BTC as deadline approaches.
Today along with the US dollar, El Salvador will accept bitcoin as legal tender. According to the law that defines bitcoin as legal tender, all economic agents must accept Bitcoin as a mean of payment. It also stipulates that bitcoins can be used to pay taxes.
Javier Argueta (legal advisor to President El Salvador Nayib Bukele) stated Monday that any business that refuses to accept Bitcoin as payment or refuse to use national Chivo wallet will be subject to sanctions under the country consumer protection law.
#EnVivo | En la entrevista @Frentea_Frente Javier Argueta, asesor jurídico de la Presidencia, dice que los empresarios que no hagan uso de la billetera Chivo y se nieguen a hacer transacciones con bitcoin están sujetos a sanciones de la ley del Consumidor. https://t.co/6e8VRPDixL
— Diario El Mundo (@ElMundoSV) September 6, 2021
On this historic Day President Nayib Bukele said:
“Like all innovation, the Bitcoin process in El Salvador has a learning curve. Every road to the future is difficult and success cannot be achieved in a day, or in a month.
But we must break the paradigms of the past. El Salvador has every right to advance towards the first world.”
To help convert BTC to USD, the government has also set up a fund of $150 million. El Salvador’s Bitcoin law goes into effect on September 7th. All citizens of El Salvador can download the Chivo Digital wallet. Users will be able to receive $30 worth of free BTC when they sign up.