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El Salvador buys the first 200 Bitcoins prior to legal adoption

File Photo: President Nayib Bukele of El Salvador spoke at a press conference in San Salvador, El Salvador on June 6, 2021.Reuters / Jose Cabesus / File Photos

September 6, 2021

San Salvador (Reuters) -El Salvador bought the first 200 Bitcoins, President Nayib Bukele said Monday, the day before the country officially adopted cryptocurrency as fiat currency.

“As the deadline approaches, brokers will buy more,” Bukele said on Twitter.

El Salvador plans to legalize Bitcoin on September 7. The popular Bukele said that Salvadorans living abroad would save millions of dollars in the fees they send home.

However, polls show that Salvadorians are skeptical of Bitcoin’s use and are wary of cryptocurrency volatility, which critics say could increase financial institution regulation and financial risk.

(Report by Shubham Kalia in Bangalore and Nelson Renteria in San Salvador, edited by Sandra Maler)



El Salvador buys the first 200 Bitcoins prior to legal adoption

Source link El Salvador buys the first 200 Bitcoins prior to legal adoption

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