El Salvador Legalized BTC with 400 Coins in Its Holdings

by in Cryptocurrency News

El Salvador Bitcoin

Nayib Bukele, the president of El Salvador disclosed on September 7 that the country acquired another 200 Bitcoins ahead of the legalization of the cryptocurrency. Thus, the total number of Bitcoins owned by El Salvador reached 400. At current prices, it's worth over $21 M, as Bitcoin trades at around $52.400.

Related: In El Salvador protests began against the legalization of BTC

Today, on September 7, El Salvador officially recognized BTC as a legal tender, becoming the first country on the global scale to do so. This means Bitcoin is a means of payment and all the economic agents of the country now shall accept BTC remittances including for tax payments.

The government also presents the app "Chivo Wallet", downloading which Salvadorians can get $30 worth of BTC to promote the coin's use.

Bukele announced the plans to legalize BTC back in June. The government cooperated with the digital finance company Strike to organize the logistics.

Nayib Bukele tweeted previously that the process of adoption has a learning curve. According to him, it won't happen in a day or month, but the country must break paradigms of the past.

The move may be beneficial for the country by attracting new investments and reducing commissions for cross-border payments.