El Salvador Opened the Door for Bitcoin

By | September 8, 2021

September 7 is an important day for the economy of El Salvador. This country has made a step towards a digital and progressive future. Since September 7, the Bitcoin Law is active. What is the reaction of the public? And what country will be next? Check the hottest cryptocurrency news to stay tuned.

The Bitcoin Law in El Salvador says that Bitcoin becomes one of the official currencies for payment. The initiator of the law was the President of El Salvador, Nayib Bukele.

The only reason for the government’s doubts about this law was the public’s ignorance of the cryptocurrency sector. Citizens of El Salvador still don’t know how to use any virtual currency in general life.

The government has decided to give $30 in BTC to each citizen of El Salvador, so the adaptation to the new currency will be easier. It also will help to activate Bitcoin as the official currency to pay in the country. At this point, it’s important to guarantee free and comfortable convertibility to dollars.

According to Jorge Colorado, a Salvadoran anthropologist, the economy of the country is at risk of full destruction. He is sure that Bitcoin adoption is a very risky bet, which can cause some irreversible consequences.

You can find more details of the Bitcoin Law on the Login Casino site.

What country will be next?

Inspired by El Salvador’s steps, Panama started the course of making cryptocurrency into a civil and commercial currency.

A founder of the bill was a member of Panama’s independent opposition party Bancada Independiente. The main goal of the bill is to regulate cryptocurrencies as a payment method. It will help the country to become blockchain-friendly.

On September 6, 2021, the independent Panamanian Congressman Gabriel Silva shared a start of the bill consideration on Twitter.

Thanks to the bill, legal entities and individuals who are based in Panama will be able to use crypto assets and use Bitcoin and Ethereum as the official payment method.

Read more: How does cryptocurrency work?

Read more: What is better Ethereum or Bitcoin?

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