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The government of El Salvador purchased ₿400, worth about $20.9 million at the time, on September 6. [25] On September 7, 2021, the Bitcoin Law came into effect and bitcoin became legal tender in El Salvador, making it the first country in the world to do so. [26]
Bitcoin City is a planned smart city project in La Unión, El Salvador.The planned city is intended to be a tax haven, and to use geothermal energy to power Bitcoin mining. . The feasibility of its reliance on both geothermal energy and Bitcoin have been the subject of criticism, alongside concerns regarding delays in the project's financing and constructi
The Bitcoin Law [6] (Spanish: Ley Bitcoin, pronounced [ˈlej biðˈkojn]) [7] was passed by the Legislative Assembly of El Salvador on 8 June 2021, giving the cryptocurrency bitcoin the status of legal tender within El Salvador after 7 September 2021. [8] It was proposed by President Nayib Bukele. The text of the law states that "the purpose of ...
'Nayibtracker.com,' an unofficial website tracking El Salvador's bitcoin portfolio based on Bukele's social media, puts it at $121.6 million on an initial $119.8 million investment, a 1.5% return.
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender, mandating that businesses accept the leading cryptocurrency as a form of payment and rolling out a digital wallet ...
El Salvador made bitcoin a national currency in 2021, although its implementation has been slow and its use limited. Some foreign promoters of the digital currency have moved to the country ...
The adoption has been criticized both internationally and within El Salvador. [4] [114] In particular, in 2022, the International Monetary Fund (IMF) urged El Salvador to reverse its decision. [115] As of 2022, the use of Bitcoin in El Salvador remains low: 80% of businesses refused to accept it despite being legally required to. [116]
After nearly two years of delays, El Salvador’s Bitcoin Volcano Bond has been approved and could be issued as early as the first quarter of 2024.. The country's National Bitcoin Office, or ONBTC ...