Today: 24 June 2025
8 September 2021
1 min read

El Salvador 1st country to adopt Bitcoin as currency

The country will accept payment in bitcoin alongside the US dollar, which has been El Salvador’s official currency since 2001…reports Asian Lite News

El Salvador on Tuesday became the first country in the world to adopt bitcoin as an official currency.

The central American nation announced that it plans to buy “a lot more” bitcoins soon. It purchased 200 tokens earlier and another 200 more recently, ahead of its rollout as a legal tender.

Ahead of the deadline to make bitcoin El Salvador’s official currency, President Nayib Bukele tweeted that the government has about a large sum of the cryptocurrency.

“El Salvador has just bought its first 200 coins,” Bukele wrote. “Our brokers will be buying a lot more as the deadline approaches,” he added.

The country will accept payment in bitcoin alongside the US dollar, which has been El Salvador’s official currency since 2001.

EI Salvador’s decision to make Bitcoin a legal tender will boost financial inclusion in their country as the majority of the population does not have access to formal banking channels, according to Shivam Thakral, CEO of BuyUcoin.

“In India, our approach towards crypto is different. We don’t see it as a legal tender but as an asset class. Indian investors have shown their faith in crypto even during the massive price fluctuations because they have an investment horizon of 2-3 years,” Thakral said in a statement recently.

“We are eagerly waiting for CBDC (central bank digital currency) in India which will open up new avenues of growth for the digital asset industry,” he added.

ALSO READ: HP dismantles huge counterfeiting schemes

Previous Story

Taliban to announce inclusive caretaker govt

Next Story

ISIS-K: India on alert as Pakistan adds new ‘weapon’

Latest from -Top News

Trump Lashes Out Over Fragile Truce

Trump mentioned that both countries “violated” the ceasefire that was announced late Monday….reports Asian Lite News US President Donald Trump on Tuesday issued a stern warning to both Israel and Iran, accusing

Qatar Summons Iran Envoy Over Base Strike

Qatar’s Ministry of Foreign Affairs affirmed to Iranian Ambassador Ali Saleh Abadi that it reserves the right to respond to this flagrant violation in accordance with international law. Qatar on Tuesday summoned

No Ceasefire Deal, Says Tehran

Iran’s Foreign Minister Abbas Araghchi says no “agreement” on ceasefire between Israel and Iran…reports Asian Lite News Uncertainty and scepticism mounted on Monday after a surprise ceasefire announcement by the United States,

Qatar: Retaliation on the Table

Majed Al Ansari added that the State of Qatar strongly condemns the attack that targeted Al-Udeid Air Base by the Iranian Revolutionary Guard….reports Asian Lite News Qatar on Monday announced that it

Trump Claims Iran-Israel Truce

The announcement followed a symbolic show of Iran, which shot missiles at a US base in Qatar after having given the US notice of the strike, according to Trump….reports Asian Lite News
Go toTop

Don't Miss

Shehbaz: All IMF conditions met to revive loan deal

The Pakistan Prime Minister lamented that the coalition government was

China’s Economy at Critical Crossroads

Looking ahead, analysts are expecting the economy to face stiff