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Bitcoin Now an Official Currency in El Salvador – What Next?

It is a ‘Bitcoin day’. The law to make BTC a legal currency in El Salvador is officially in action. The country now recognizes Bitcoin, the leading digital token by market cap, as a legal tender.

A Quick Recap

In June, CryptoPotato reported Nayib Bukele, El-Salvador president, announced his plans to present law to make BTC legal money in the nation.  Keep in mind that most individuals refer to the president as a tech-savvy and progressive politician. As somewhat expected, the news spread quickly as the entire crypto community kept discussing the move.

Despite the positivity from the community, El Salvador BTC reports had naysayers as well. JPMorgan stated that the move has no economic gains, as Steve Hanke thought it was a ‘stupid’ move.

Meanwhile, the negativity did not bother Bukele. The president announced the Salvadorians would get BTC worth $30. Today, the law has started operating. The nation passed the law on 9 June after 62 associates voted in favor of the law, 19 opposed, while three decided not to vote.

Now What?         

For now, each economic agent in El Salvador will have to accept Bitcoin payments. That means that the residents can use BTC to pay for services and goods without restrictions. Also, the nation makes history as it becomes the first country to purchase Bitcoin. They bought 200 Bitcoin yesterday. At the same time, Bukele declared that they would order more tokens as the deadline nears.

Meanwhile, the law faced opposition. For instance, the World Bank declared that it would not help to implement the law due to environmental concerns and transparency challenges. Meanwhile, multiple enthusiasts are supporting the country. For instance, a Reddit post with more than 9,200 upvotes suggests that each crypto community purchases BTC worth $30.

For now, BTC has seen slight retraces, losing 0.8% since yesterday. However, the asset still trades higher, nearing the $53K level. On the other hand, crypto enthusiasts want to celebrate the BTC milestone with a “Bitcoin Day.”

Should we have a “Bitcoin Day” to commemorate the move by El Salvador to recognize BTC as an official currency? You can share your views below.

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