El Salvador wants to adopt Bitcoin as legal tender | DW News

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  • DW News published this video item, entitled “El Salvador wants to adopt Bitcoin as legal tender | DW News” – below is their description.

    El Salvador plans to recognize Bitcoin as legal tender, becoming the first nation in the world to do so. President Nayib Bukele announced the move in a broadcast at the Bitcoin 2021 conference in Miami, Florida on Saturday. A day later he unveiled on Twitter the benefits for investors resulting from the move.

    Accepting Bitcoin as legal tender would make it easier for the more than 1.5 million Salvadorans living outside of the country to send money back to their home country.

    A low-income nation and the smallest country in Central America, El Salvador had a gross domestic product (GDP) just below $25 billion (€21 billion) in 2020, according to the International Monetary Fund. A study by the Pew Research Center says that nearly 20% of the country’s GDP comes from remittances, money sent home by Salvadorans living abroad. This requires the use of money transfer services, which often charge high fees. Payments can take days to go through. Bitcoin transfers avoid both of these problems.

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    In This Story: Bitcoin

    Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. Bitcoin was the first decentralized cryptocurrency.

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  • In This Story: El Salvador

    El Salvador, officially the Republic of El Salvador (Spanish: República de El Salvador, literally “Republic of The Saviour”), is a country in Central America. El Salvador’s capital and largest city is San Salvador.

    The colón, the currency of El Salvador since 1892, was replaced by the United States dollar in 2001.

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