El Salvador makes history as Bitcoin law comes to effect

TL;DR Breakdown El Salvador Bitcoin law comes to effect on Tuesday Sept. 7Other American countries are looking to adopt Bitcoin as legal tender . Finally, El Salvador has made history as its Bitcoin law comes into effect. No other country in the world has made Bitcoin a legal tender as the American country also marks as the first to buy Bitcoin. President Nayib Bukele announced on Monday that the Central American country made its first Bitcoin purchase on Monday. “El Salvador has just bought its first 200 coins,” Bukele tweeted. He noted that more Bitcoin purchases were going to be made on Tuesday. The purchase is part of a new $150 million Bitcoin fund passed last week by El Salvador’s Congress. The fund is to help aid conversion from BTC to USD so that businesses, households, and individuals can make or accept payments in BTC if they choose. President Bukele also appreciated the blockchain technology and Bitcoin industry for the innovations his government has embraced. In July, El Salvador began processes to make Bitcoin a legal tender when it passed its Bitcoin law to make the coin its legal tender. The decision, however, was met with praise by the Bitcoin community. Those against it came from the World Bank and International Monetary Fund as they warned that the new strategy isn’t a good idea and many Salvadorians were against the Bitcoin law idea. Series of protests have also held to reverse the decision ahead of today, ...