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Just a few months after adopting Bitcoin as legal tender, it became an official currency of ElSalvador yesterday. It's hoped that the move will make it easier for the huge number of El Salvadorians living abroad to send money home to their families—the government says Bitcoin could save the.
Today, Bitcoin is becoming an official currency in ElSalvador , and the markets and crypto exchanges seem to be struggling. ElSalvador passed a resolution to adopt Bitcoin as an official currency in June. Illustration by Alex Castro / The Verge. Coinbase Support (@CoinbaseSupport) September 7, 2021.
ElSalvador has passed a resolution to make Bitcoin a legal currency, which makes it the first country to do so ( via The Guardian ). According to The Guardian , some human rights groups focused on Central America have doubts about Bitcoin’s adoption leading to meaningful change for many of the country’s citizens.
With the right resources, this region has potential for mass adoption of cryptocurrency. Nestcoin raises $6.45M pre-seed to accelerate crypto and web3 adoption in Africa and frontier markets. As a “legalized exchange,” MARA plans to teach governments and provide support on KYC and AML best practices.
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 ElSalvador and major crypto exchanges such as Kraken. More than just an asset.
That country is ElSalvador, home to the native Pipil people of Cuscatln, ancient mangrove forests, and for four wild years, the crypto industry. The government hoped the edict would jump-start the nation's ailing economy, a growing haven for organized crime that's typical of high-poverty nations. million residents.
government will no longer sell its stash thanks to Trump's Strategic Bitcoin Reserve initiative. But the price kept rising, and though Bitcoin was never widely adopted as a means of payment, it became something else: a decentralized version of digital gold that feeds on computing power to keep its transactional network secure.
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