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In a major development, El Salvador has become the first nation in the world to adopt Bitcoin as legal tender, Moneycontrol. The country has also bought its first 400 bitcoins in two tranches of equal sizes.
This comes after the Parliament of El Salvador had in June passed a law allowing the crypto money to be accepted as tender for all goods and services in the small Central American nation, along with the US dollar.
Announcing Bitcoin as a legal tender, President Nayib Bukele’s Government has claimed that the move would give many Salvadorans access to bank services for the first time and save some $400 million in fees on remittances sent home from abroad every year. Having announced the purchase of the first 400 bitcoins, President Bukele promised that more such purchases were coming.
Taking to Twitter, President Bukele said, “Tomorrow, for the first time in history, all the eyes of the world will be on El Salvador. #Bitcoin did this.”