September 19, 2021

El Salvador's government bought 400 BTC

El Salvador's government bought 400 BTC

On September 7, in El Salvador, a law came into force that legalized bitcoin as a means of payment.

The president Nayib Bukele marked the historic moment with a tweet.

The government has set up a fund with a reserve of $ 150 million to facilitate currency conversion for businesses. The fund has already made two purchases of 200 BTC for $ 21 million.

The government has released the Chivo crypto wallet, which means cool in Salvadoran jargon, and will pay a bonus of 30 bitcoins to the citizens who download it.

The Salvadorans themselves look at this step withconfusion and distrust, fearing that the instability of the digital currency could be dangerous for the economy and their own savings. Only about a third of Salvadorans use the Internet, and almost a quarter live below the poverty line. Hundreds of demonstrators marched through the city on Friday to voice their concerns about the legalization of cryptocurrency, especially if it will be used to pay pensions and social security instead of the US dollar in the future.

Subscribe to ForkNews on Telegram to keep abreast of news from the world of cryptocurrencies