Bit EL-SALVADOR ADOPTS BITCOIN AS LEGAL TENDER

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EL-SALVADOR ADOPTS BITCOIN AS LEGAL TENDER  by E. Okorie, 14th of June , 2021

History was created on the 9th of June, 2021 as the legislature voted to adopt bitcoin inline with the President of El-Salvador - Nayib Bukele's- proposal. Out of the eighty one legislators in attendance, sixty-two members voted for the bill while nineteen opposed it. This makes El-Salvador the first country in latin america (and in the world) to adopt bitcoin as a legal tender. In this view, this bill mandates all businesses to adopt bitcoin for goods and services rendered. However, the government will play as an intermediary to organizations who refuse to accept the cryptocurrency due to its volatile nature. .

Also, the law will "promote the necessary training and mechanisms so that the population can access bitcoin transactions." In other words, with the adoption of this law, more enlightenment on financial services will be done across the country so that people can use bitcoin and have seamless transactions.

El-Salvador's decision had an upward impact on bitcoin price which has been bearish since last month. Bitcoin price found support above the 33,000 benchmark. Even though further decline was expected towards the $30,800 level, more acceptance of bitcoin in the world would even push price along the $56,700 resistance level.