Bitcoin News

EI Salvador’s President believes the Country’s adoption of Bitcoin will lead to more opportunities for the citizens.

EI Salvador's President believes the Country's adoption of Bitcoin will lead to more opportunities for the citizens.

The president says that the nation adopts Bitcoin as legal tender. The adoption of Bitcoin is a step he believes will create jobs and promote financial inclusion.

Latin America’s youngest president

Bukele is Latin America’s youngest president who is also known to break from the norms. He told on Twitter that the lawmakers approved the legislation by a supermajority. He previously said that Bitcoin could boost the economy.

El Salvador

Moreover, Bitcoin can help counter El Salvador’s low banking penetration rate and also facilitate faster transfers for $6 billion of remittances a year. This move is to make the virtual coin legal tender, and it is a rare slice of good news for the most prominent cryptocurrency, which is struggling to recover from the rout in May.


The value of Bitcoin has roughly halved from a mid-April record of almost $65,000. Bitcoin is hurt in part by the billionaire Elon Musk’s criticism on the amount of energy the service underpinning needs. In addition, Douglas Rodriguez is the El Salvador Central Bank president.

Harsher Regulatory scrutiny

In an interview with state TV, he said that Country is already using Bitcoin, and people are not afraid of it. Moreover, he also said that a bitcoin could not replace the US dollar. However, there is harsher regulatory scrutiny in places like China. But the Bitcoin miners say that these are temporary setbacks and that the virtual currency’s role will expand.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.