Connect with us


El Salvador Becomes First Country In The World To Adopt Bitcoin As A Legal Tender


My Post 2021 09 08T153226.484
Source: NBC News & Al Jazeera

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Bitcoin may very well be the world’s most popular currency, raising it to RM192,302 per coin since its release.

Since then, El Salvador has become the first country in the world to adopt bitcoin as legal tender.

According to a report by CNN, El Salvador President, Nayib Bukele, announced that the country has purchased a total of 550 bitcoins and that Salvadorans will be given RM124.71 worth of bitcoin upon downloading the ‘Chivo Wallet’, an application designed by their government.

Bitcoin 3

This move includes a law that all ‘economic agents’ must accept the cryptocurrency as a form of payment, even allowing tax payments to be made in bitcoin.

However, according to Reuters, the bold adoption of bitcoin has gone off on a rocky start as the bitcoin e-wallet application is yet to be available on various platforms including Apple and Huawei.

Bitcoin 2

Other problems include the fact that there are citizens who are unfamiliar with cryptocurrency and have yet to embrace technological advancement.

“(Bitcoin is) something new and we don’t have enough information about it,” shared the owner of a tortilla store, who added that she prefers to deal in cash.

Bitcoin 1

On top of that, cryptocurrencies are carried in digital wallets, making the currency less accessible to the elderly and underprivileged in the country who may not own or know how to use a smartphone. Nonetheless, cryptocurrency will make it easier for them to access their finances as they may also find it difficult to maintain accounts at traditional banks.

Social organisations have also appealed to the Salvadoran government to revoke the law, due to fears of the volatility of bitcoin.

“How do we know what we collect in taxes when bitcoin goes up and bitcoin goes down?” shared the managing director of the International Monetary Fund.

What do you think about this? Let us know in the comment section.


Also read: Indonesian Company Creates Bags Out Of ‘Ubi Kayu’ That Can Dissolve In Water!

My Post 2021 09 07T130930.511

Source: Raconteur
Source: BBC

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Just In

Collage 15 3 Collage 15 3
News5 hours ago

149 Immigrants Reportedly Die In Sabah Detention Depot In Last 18 Months, Politician Responds

Recently, a report by the Indonesian NGO titled ‘Like In Hell’ claims that immigrants held at a detention depot in...

My Post 2022 06 29T171355.246 My Post 2022 06 29T171355.246
News6 hours ago

WATCH: Group In Sri Petaling Riot & Damage Cars In Fight, PDRM Investigates

Twenty individuals suspected of being involved in a fight on Monday at Jalan Radin Bagus, Sri Petaling, are being hunted...

Collage 13 4 Collage 13 4
News1 day ago

Blood Donation Campaign in JB Allegedly Gives Away Pork-Flavoured Instant Noodles, PDRM Investigates

A present must occasionally be appropriate to prevent any unintended misconceptions. A recent blood drive in Johor Bahru came under...

Collage 10 4 Collage 10 4
News1 day ago

M’sian Suffocates His 16-Year-Old Lover To Death With A Pillow Out Of Jealousy; PDRM Arrests Him

A healthy relationship is made up largely of trust and understanding in addition to communication, which is another essential component....

Pm Shirt Pm Shirt
News3 days ago

“That’s my salary for 3 months,” Netizens React To This RM6900 Burberry Shirt That The PM Wears

Netizens are talking about Malaysia’s prime minister Ismail Sabri’s shirt again, this time, it’s an RM6,900 red shirt from Burberry....

Feat Image Largest Subsidies Feat Image Largest Subsidies
News3 days ago

Finance Minister: Govt To Give RM77.3 Billion In Subsidies For The Rakyat This Year, Largest In History

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has revealed that the projected consumption subsidy expenditure so far for 2022...

Subs Ft Subs Ft
News3 days ago

“Do not remove subsidy or we will take it to the streets,” IIUM & UM Student Unions To The Govt

In a joint statement, the IIUM Student Union and University Malaya Students’ Union urge the government to eliminate the action...

Feat Image Govt Remain Subsidies Feat Image Govt Remain Subsidies
News5 days ago

PM: Electricity, Water Tariffs in Peninsula M’sia Unchanged, Price Ceiling For Chickens Won’t Be Abolished

Prime Minister Datuk Seri Ismail Sabri Yaakob has announced that the government will track back its decisions and will not...


Latest Videos