There is often a ruckus in many countries of the world regarding Bitcoin. Where on the one hand some countries are banning cryptocurrencies or implementing new and stricter rules for it. At the same time, there is also another Central American country, which on Tuesday became the first country in the world where the cryptocurrency Bitcoin has been given legal tender (official currency status).
We are talking about El Salvador. The government of the country has given official status to bitcoin, but this has also caused outrage among the public there. People say that this move is a risk to the consumers. However, the claims of the government of El Salvador President Nyib Bukele go beyond this. The government says that with this step many countrymen will have access to bank services for the first time.
Nayib Bukele made a tweet on Monday about bitcoin getting official currency
Nayib Bukele made a tweet on Monday about bitcoin getting official currency status in the country. He wrote (translated) “Tomorrow [Tuesday] for the first time in history the eyes of the whole world will be on El Salvador.” After this, through some tweets on Tuesday, he told that his government has bought its first 400 bitcoins.
Prices skyrocket overnight and are on the ground the very next day
If you do not know the story before this decision, let us tell you that in June, the Parliament of El Salvador passed a law, which provided that now crypto money will also be a legal tender, which can be used for products and services. can be made as payment. This proposal was also passed within a few hours of making it. However, many people are also unhappy with this decision.
Many people and experts believe that cryptocurrencies are highly variable currencies, that is, the prices of crypto coins remain volatile. If you keep an eye on the cryptocurrency market, then you will know that there are many crypto coins in many markets, whose prices skyrocket overnight and are on the ground the very next day. This is the reason why this decision of the government is also being opposed.
A recent opinion poll revealed that 6.5 million people in El Salvador were against the decision. Even before the decision came into force, hundreds of people protested in the capital San Salvador. what people say.
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