El Salvador accepts Bitcoin as legal tender

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El Salvador accepts Bitcoin as legal tender

Bitcoin has been declared legal tender in el Salvador.

From today, roadside vendors, taxi drivers, gas stations, supermarkets and even insurance agencies will be obliged to accept the cryptocurrency as legal tender where possible.

El Salvador has become the first country to allow the controversial digital coins to be used as payment.

The Government has also encouraged the population to use the cryptocurrency by giving away US$30 worth of bitcoins to anyone who downloads the government’s new digital wallet app

Bitcoin users around the world have been showing their support for the move by buying $30 worth of the digital coins which also helps to boost the value of the unstable digital currency.

The value of Bitcoin has been volatile, moving from a low of about $10,000 for a single coin in September 2020 to a high of $63,000 in April 2021 then falling to $30,000 in July this year.

The coin is currently valued at about $51,000 per coin.