Bitcoin Digital Money Officially Becomes a Payment Tool

Lutfi

Bitcoin Digital Money Officially Becomes a Payment Tool
Bitcoin Digital Money Officially Becomes a Payment Tool

Rancakmedia.com – Officially a means of payment, El Salvador buys digital money bitcoin IDR 298 billion, the El Salvador government announced that it had purchased bitcoin for around 20,9 million US dollars or IDR 298 billion.

This announcement was made a day before the country officially adopted cryptocurrency as a legal means of payment there.

The President of El Salvador, Nayib Bukele, in a tweet thread revealed that the country now has a total of 400 bitcoins.

“Our broker will buy more as the deadline approaches,” he wrote, quoted from CNBC, Wednesday (8/9/2021).

Using Bitcoin Digital Currency

This post appeared hours before El Salvador's Bitcoin Law, which was passed in June, went into effect on Tuesday.

Bukele's announcement marks a new milestone for bitcoin. El Salvador has now become the first country to officially place bitcoin on its balance sheet and hold it in its reserves.

Bitcoin is the legal currency in El Salvador, along with the US dollar. Unfortunately, this policy has actually received criticism from the population.

Based on a survey from Central American University, almost 70 percent of El Salvadorans disagree with the government's decision to use bitcoin as legal tender.

Many of them are also not sure about using the Bitcoin digital currency

On the other hand, people who agree with the El Salvador government's steps say that this will show acceptance bitcoin increases and other countries can follow suit.

El Salvador's government hopes it will increase inclusion finance in a country where about 70 percent of its citizens do not have access to traditional financial services, according to bitcoin law.

This law allows tax contributions to be paid using digital currency. Then exchanging bitcoins will also not be subject to tax.

Apart from that, El Salvador also launched digital wallet application named Chivo. People can register with their national ID for transactions with bitcoin.

They will also receive bitcoin worth 30 US dollars or Rp. 428.000 to speed up the use of the currency.

Conclusion:

The El Salvador government announced it had purchased approximately $20,9 million in bitcoin. This announcement was made a day before the country officially adopted cryptocurrency as legal tender. El Salvador is now the first country to officially place bitcoin on its balance sheet and hold it in its reserves.

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Lutfi

Hi, let me introduce myself, Lutfi Hulasoh, I am a writer and techno blogger. I started creating a personal blog writing informative articles about the latest trends and developments in technology. My writing covers a wide range of topics, from mobile applications to artificial intelligence, and I can also provide easy-to-understand explanations to help readers understand complex concepts.