El Salvador Finally Accepts Bitcoin as Legal Tender

Since El Salvador has accepted the top cryptocurrency as a legal tender, it has become the talk of a town, now this is a country in front of you with not an overtly stretched financial profile as the European or Asian countries, but still, it managed to pull off this amazing deed recently and has motivated many countries to do the same.

Soon enough, El Salvador is going to launch its new crypto wallet app, and everyone signing up for the app for the first time will be receiving $30 in the form of real bitcoin as it would officially and factually become a legal tender within the country. The bitcoin activist Alex Gladstein is going to be in the country for the sake of the event, and most importantly, he is going to show off the lightning network bitcoin to cash ATM.

If this doesn’t seem like a country accepting BTC as a legal tender and the digital asset starting its journey among its locals, then who knows what will? The El Salvador government has really adapted the digital asset initiative, and it is going to take it all the way. In fact, there are 200 ATMs being launched throughout the country, with more than 50 financial branches related to crypto opening up with zero fees.

Even the government is willing to let the capital gain taxes on bitcoin slide given the fact that the cryptocurrency has recently acquired the status of a legal tender within the country. Despite all that, the country is not stopping to welcome more initiatives that revolve around bitcoin one way or the other. There is a new initiative out there according to which anyone who invests three whole bitcoins within the country will be given permanent residence.

Some People are not Happy with Bitcoin Adoption

But the volume of the bitcoin and its value is dependent on the current price of the market. Everything might look all good and jolly relating to bitcoin adoption, but the reality is that there are protests pumping out throughout the country about the legal adoption of bitcoin. Many people are extremely skeptical of this legal tender and are worried about what the future holds for them if Bitcoin goes kaput or ends up in a bubble which is a solid thing to worry about, but despite that, the El Salvador government is ready to give it a go.

By Howard Ford
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