• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Cryptocurrency

El Salvador Is First Country In The World To Accept Bitcoin As Legal Tender

Paul Balo by Paul Balo
September 7, 2021
in Cryptocurrency, Government
Share on FacebookShare on Twitter

Central American country El Salvador has officially become the primary country to adopt Bitcoin as a tender . The country will accept flagship cryptocurrency Bitcoin alongside its official currency – the us dollar. this suggests that Bitcoin will now be accepted as a satisfactory payment for any monetary debt.

In June 2021, the Central American country announced that it might be introducing Bitcoin into its mainstream financial system . during a video broadcast, El Salvador’s President – President Nayib Bukele, announced that El Salvador was partnering with Strike, a digital wallet company, to create the country’s modern financial infrastructure using blockchain technology.

This announcement has been met with different reactions from global experts, all of which have expressed concern about the potential outcome of the choice , most of which are sceptical about the move and believe that cryptocurrency is just too unstable and too risky to be used as mainstream tender.

The risks outlined by some economic experts have even prompted several El Salvador citizens to require to the streets in protest against the adoption of Bitcoin as a politician currency. the planet Bank also warned against the move, while some analysts have described it as an “attention-seeking move” from an “authoritative regime”.

Amid global criticism and scepticism, Nigel Green, the Chief Executive and founding father of deVere Group, a financial services giant, has described El Salvador’s move as ground-breaking in terms of greater adoption of Bitcoin. “El Salvador is making history with a bold jump into the longer term of cash by officially recognizing Bitcoin as tender along side the US dollar,” he said.

According to him, El Salvador’s reliance on the U.S dollar to finish transactions comes with its own set of, often very costly, problems. one among which is that the El Salvadoran government cannot print its own money and therefore the economy cannot enjoy the U.S. Federal Reserve’s money-printing agenda. Therefore, El Salvador must either borrow or earn the dollar it needs.

He explained that countries that adopt cryptocurrency as a tender have a currency that isn’t influenced by market conditions within their economy, nor directly from only one other country’s economy, and said that El Salvador’s adoption of Bitcoin could cut the value of remittances, a serious source of income for many people.

Nigel Green added that by diversifying the nation’s dollar reserves into Bitcoin, there might be additional opportunities for El Salvador to extend the dimensions of its reserves; the country may benefit from significant investment and capital inflows as digital asset organizations are likely to relocate to the Bitcoin-friendly state.

Should El Salvador’s adoption of Bitcoin as a tender convince be a hit , it’ll likely end in other countries’ adoption of cryptocurrencies. “Due to their similar reliance on remittances, amongst other factors, other nations, including Panama, Guatemala, and Honduras, could also adopt Bitcoin should the method in El Salvador run smoothly and there’s greater economic process , stability, and levels of monetary inclusion as a result,” Nigel Green said.

The move has attracted global attention to the state , with many nations wanting to see the result of El Salvador’s decision because it seemingly takes the lead within the evolution of digital currency.

Related Posts:

  • Facebook laser
    El Salvador's President Says Bitcoin Investments Are…
  • Central African Republic, The First To Legally Adopt…
  • control-centre
    El Salvador And Central African Republic, What Do…
  • Crypto Is The Answer To Financial Inclusion, Central…
  • car president
    CAR President Says Crypto Is The Answer To Financial…
  • 5b6adf89-45c7-46ea-a466-fe8616f32b16
    El Salvador’s $1.4 Billion Bitcoin City Plan Wobbles…
  • deepmind-illustration
    Five Reasons The Central African Republic Shouldn't…
  • The Crypto Market Is Currently In A Turmoil But For Some, This Is An Opportunity. So Should You Buy The Dip?
    The Crypto Market Is Currently In A Turmoil But For…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: bitcoincryptocurrencyel salvadorgovernment
Paul Balo

Paul Balo

Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 2 May 10, 2025
    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1 May 9, 2025
    • Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges May 8, 2025
    • Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo May 8, 2025
    • Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier May 8, 2025
    • WhatsApp Developing AI Chat Wallpapers & Message Summaries May 8, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (466) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (835) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 2

    May 10, 2025
    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    May 9, 2025
    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    May 8, 2025
    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    May 8, 2025
    MTN Recovers ₦32 Billion in USSD Fees

    Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier

    May 8, 2025
    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    May 8, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok