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- Recently, El Salvador received a barrage of criticisms & flacks from international & well renowned bodies as the country embraced BTC as a legal currency.
- The president, Nayib Bukele fired back against such criticisms while pointing out that the country was igniting the real revolution, first in the world.
- Recently El Salvador bought 21 more Bitcoins on 21st december 2021.
The stream of cryptocurrencies slowly is pacing momentum towards the mainstream. While major countries & regulators are figuring out the tokenonomics of the cryptosphere. A small country in Central America adopted the crypto king, Bitcoin as a legal tender & introduced it as an official means of payment.
On June 5, the president of El Salvador stated that Bitcoin would be the first digital ledger that would be considered as a legal tender in the country. Followed by which, the Bitcoin law was passed on Sept 7. However, since then various experts & institutions have criticized the move while pointing out the volatility & uncertainties of the crypto markets.
The International Monetary Fund warned against cryptocurrencies being issued as legal tender as it would lead to high fluctuations in the commodity & goods market, domestically. While the governor of the Bank of England, Andrew Bailey also cautioned & criticized the move heavily.
More recently, he stated that it was a concerning issue as a country would choose cryptocurrencies over fiat as its national currency.
On 23 Dec, The President reaffirmed his belief in Bitcoin as legal tender while stating that it was game over for fiat currencies. He also lashed back at various international organizations’ criticisms & in regards to calling the country merely a “Bitcoin experiment” while believing, that’s how the world was watching the mass adoption of cryptocurrencies. The President specifically mentioned that El Salvador was the first country to ignite the real revolution for the world.
Since the adoption, El Salvador has used the profits from its Bitcoin Trust Account to finance the construction of 20 schools while also spending $4 million from the same account to fund a new veterinary hospital in the country.
Bukele’s latest cause of attention comes across as El Salvador recently brought 21 Bitcoins to commemorate the last 21st day of the 21st year of the 21st century while also highlighting the limited supply of Bitcoins, capped at 21 million BTC.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
