Key Takeaways
- El Salvador purchases 400 bitcoins ahead of the deployment of BTC law
- The bitcoins were reportedly bought from Mexican exchange Bitso
- El Salvador has made history as the first country to adopt BTC as legal tender
El Salvador initially bought 200 bitcoins before adding another 200 BTC some hours later. The total cost of purchase is understood to be around $22 million.
Although Bukele did not add the platform where the purchase occurred, it was revealed to be Mexican exchange Bitso.
The exchange publicly thanked Bukele on Twitter for the purchase and reports from the country revealed that the bitcoins were sent to a dedicated treasury.
El Salvador has led the pace in bitcoin adoption and became the first country in the world to recognize Bitcoin as legal tender.
This movement towards bitcoin started in June during the bitcoin 2021 conference where El Salvador’s president announced his intent to endorse bitcoin as a legal tender.
The announcement took the crypto space by storm and within days Bukele became one of the most popular persons in the crypto industry.
Without too much difficulty the ‘’Bitcoin law’’ bill was approved by a majority of the legislative chamber.
To implement the new law, a 90 day deployment period was announced with the official launch on September 7, 2021.
Despite the general enthusiasm that has enveloped the entire cryptosphere, the decision has not been unanimous among those concerned.
While the Central American Bank for Economic Integration has affirmed its support for the arrival of Bitcoin in El Salvador, the International Monetary Fund (IMF) has remained very suspicious.
Nevertheless, El Salvador continues to move on with its bitcoin adoption and has announced the launch of a digital wallet Chivo.
The wallet will be a safe platform to save bitcoin and dollars.
This wallet is expected to be launched in the coming months on Android, iOS and Huawei devices.
What do you think about El Salvador adopting Bitcoin as a legal tender?
