Less than two weeks ago, El Salvador made major headlines in the world of cryptocurrency. With no official currency of its own (instead, the US dollar has been in use since 2001), the small Central American country made history on September 7th by becoming the first nation to adopt bitcoin as legal tender.
This means that Salvadoran businesses and other establishments now accept bitcoin as an official form of payment. This divisive move was spearheaded by the country’s president Nayib Bukele as a means of modernizing the economy and in hopes of alleviating issues with economic accessibility, among other reasons. Read more about El Salvador’s bitcoin backstory on the Netcoins blog.
As was expected, the first few days for El Salvador were not without their hiccups and technical issues, particularly with Chivo, the government’s official crypto wallet. But one thing is for sure, this bold “experiment” with bitcoin is a step closer to widespread adoption of the world’s first and most well-known cryptocurrency. In fact, other countries like Paraguay and Panama, who have been working the use of bitcoin into their legislation, are keeping a close eye on the events as they continue to unfold in El Salvador.
Netcoins is just one of many dedicated members of the global crypto community that celebrates this milestone. Like many others, Netcoins and its growing user base believe in cryptocurrency’s potential to reshape the world economy in the most promising ways, by changing the way we transact and utilize modern technology. El Salvador’s future success—or failure—in adopting bitcoin will ultimately bring forth many more opportunities and challenges for all things crypto.
Even more Canadians can join in on this ongoing financial revolution by buying Bitcoin (BTC) and cryptocurrencies like Ethereum (ETH), Tether (USDT), Litecoin (LTC), and others at Netcoins, Canada’s easiest and most trusted platform for buying and selling cryptocurrencies.