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El Salvador becomes first country to adopt Bitcoin as an official currency

The Verge

As of today, Bitcoin is an official currency of El Salvador alongside the US dollar, after the Central American country became the first to adopt the cryptocurrency as legal tender. But there are fears that the adoption of such a historically volatile currency could harm Salvadorans, and risk economic stability.

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The International Monetary Fund tells El Salvador it shouldn’t use Bitcoin as legal tender

The Verge

El Salvador introduced Bitcoin as a legal tender alongside the US dollar in 2021. The International Monetary Fund’s executive board has recommended El Salvador no longer use Bitcoin as a legal tender , citing potential risks to financial stability and consumer protection. Illustration by Alex Castro / The Verge.

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Bitcoin will soon be an official currency in El Salvador

The Verge

El Salvador has passed a resolution to make Bitcoin a legal currency, which makes it the first country to do so ( via The Guardian ). The proposal was passed by El Salvador’s congress on Tuesday night, after Bukele announced it at a Bitcoin conference in Miami last week. Illustration by Alex Castro / The Verge.

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2022 crypto predictions from Prime Trust CFO Rodrigo Vicuna

TechCrunch

ust look at the numbers: 80 million unique crypto wallets; Bitcoin and Ether grew 60% and 407%, respectively; El Salvador adopted bitcoin as official currency; the NFT market generated $2.5 Have we reached a point where crypto and blockchain reach mass adoption? However, we anticipate that changing in 2022.

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5 investors discuss Latin America’s symbiotic relationship with crypto

TechCrunch

For instance, volatility is less of a deterrent to crypto adoption in countries such as Argentina, where legal tender isn’t exactly reliable. Another source of optimism, Chang said, is that “LatAm is actually ahead of the curve in terms of women in crypto.”

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MARA raises $23M from Coinbase Ventures and FTX to build Africa’s portal to the crypto economy

TechCrunch

With the right resources, this region has potential for mass adoption of cryptocurrency. Although their impact is collectively yet to be noticed, with time, this may change. Nestcoin raises $6.45M pre-seed to accelerate crypto and web3 adoption in Africa and frontier markets. But M ARA wants to make an immediate influence.

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Bitcoin’s bid to become the “one chain to rule them all”

TechCrunch

Bitcoin has integrated with a layer-two protocol called the Lightning Network to increase its speed and efficiency while lowering transaction costs, a piece of infrastructure used by the nation of El Salvador and major crypto exchanges such as Kraken. More than just an asset.