It’s main – – Bitcoin, the world’s leading cryptocurrency by ways of market capitalization, has actually ended up being an acknowledged legal tender in the nation of El Salvador.
A Quick Timeline
As CryptoPotato reported back in June, El Salvador’s President – – Nayib Bukele, who is touted by numerous to be a progressive and tech-savvy political leader, said that he’s planning to present a law that will make bitcoin a legal type of cash in the country.
Naturally, the news spread like wildfire, and the whole neighborhood was discussing it.
In spite of the overwhelming positivity from the cryptocurrency community, there were also some cynics. JP Morgan stated that this move features no economic benefits, while Steve Hanke called it downright stupid.
Nonetheless, Bukele wasn’t concerned. In reality, he also revealed that every person of El Salvador would get $30 worth of BTC.
Now, the law has officially gone into impact. It was passed back on June 9th with a supermajority as 62 members enacted favor, while just 19 opposed and three avoided ballot.