Bitcoin is the official currency in Salvador
El Salvador / News Agency
The country of Salvador has made Bitcoin the official currency. Salvador is the first country to recognize Bitcoin as its official currency. There has been a lot of curiosity about the experiment, and whether the decision could benefit the poorest countries in Central America; Proponents and opponents of cryptocurrency are also curious about this.
Salvador has bought 200 bitcoins, currently valued at 20 million dollars. The country has already bought 200 bitcoins. Salvadoran President Nayib Bukele has announced on Twitter that there will be a huge increase in Bitcoin purchases from now on.
If Salvadoran's experiment of recognizing cryptocurrencies is successful, other countries are likely to follow suit. The 40-year-old president of Salvador has the idea of recognizing cryptocurrency as the official currency.
Bukele believes the measure will bring more people into the mainstream of the economy and make money exchange easier and more profitable. The decision will allow Bitcoin to be traded in Salvador. Government taxes can also be paid through Bitcoin.