• Latest
  • Trending

El Salvador finally launches Bitcoin as a legal tender

September 7, 2021
Visa powered no-limit Bitcoin credit card launched in UAE

Visa powered no-limit Bitcoin credit card launched in UAE

July 6, 2022
India Crypto Influencers

Indian crypto influencers not following government advertisement regulations

July 6, 2022
Meta announces closure of crypto wallet, Novi from 1 September 2022

Meta announces closure of crypto wallet, Novi from 1 September 2022

July 5, 2022
Switzerland will hold its first World Crypto Conference 2023

Switzerland will hold its first World Crypto Conference 2023

July 5, 2022
Klever Ninjas builds products for financial inclusion to empower millions

Klever Ninjas builds products for financial inclusion to empower millions

July 5, 2022
The Impossible Finance x Aura Network x Klever Exclusive Whitelist Allocation Campaign

Win AURA whitelist allocation via Impossible Finance’s Launchpad, participate now

July 5, 2022
Why build our own Blockchain?

Why build our own Blockchain?

July 4, 2022
Blockchain Scalability

Scalability & Performance on KleverChain

July 4, 2022
Apply to write Klever News content

Apply to write Klever News content

July 4, 2022
Rollout Phases of Klever Blockchain Features

Rollout Phases of Klever Blockchain Features

June 30, 2022
South African Brothers allegedly stole $3.6B worth Of Bitcoin from “Africrypt” investors

South African Brothers allegedly stole $3.6B worth Of Bitcoin from “Africrypt” investors

June 29, 2022
buy KNC

How can KNC be used in Klever Wallet

June 29, 2022
Klever
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
  • Login
  • Register
Klever News
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
Klever News
No Result
View All Result

El Salvador finally launches Bitcoin as a legal tender

Maluh Bastos by Maluh Bastos
September 7, 2021
in Global
Reading Time: 3 mins read
418 4
A A
0
Share on FacebookShare on Twitter

From now on, Bitcoin will be an official currency in the country

September 7 will be a day marked in history. 

It is the day that the first country in the world launched a cryptocurrency as a legal tender. 

You might also like

Visa powered no-limit Bitcoin credit card launched in UAE

Visa powered no-limit Bitcoin credit card launched in UAE

July 6, 2022
3.4k
India Crypto Influencers

Indian crypto influencers not following government advertisement regulations

July 6, 2022
3.3k

The result of this is that a digital currency will be recognized in an official capacity in a sovereign territory, which will forever alter the perception of cryptos and decentralized systems, taking them out of the backstage of the virtual world, and bringing them to center stage, where they belong.


A country’s problem 

It all started with the Bitcoin 2021 Conference in Miami in which the President of El Salvador, Nayib Bukele, announced that his government intended to pass a bill to make BTC a legal tender in the country. 

What President Bukele had in mind (such as the other supporters of the Bitcoin adoption in El Salvador had) was to have a fairer fight against inflation, since his country adopted the US Dollar as legal tender in 2001 due to their own weak currency and the very strong trade ties with the US. 

When the US Federal Reserve (Fed) prints too much money (like they did during recent world-wide Coronavirus pandemics), smaller countries that have USD as legal tender suffer as a result. The Fed has through their quantitative easing policy caused a 32% increase of USD monetary supply in just one year. 

This was the finishing line for President Bukele who finally decided to put in motion a bill to make Bitcoin a legal tender in El Salvador. 

“Central banks [like the US Federal Reserve] are increasingly taking actions that may cause harm to the economic stability of El Salvador…in order to mitigate the negative impact of central banks, it becomes necessary to authorize the circulation of a digital currency with a supply that cannot be controlled by any central bank…”


A decentralized solution

As a solution, the finite supply of Bitcoin, coupled with its decentralized nature, ease of use and the lack of government ability to confiscate BTC from its holders, will likely play a major role as other countries that also suffer from huge inflation waves consider a similar move to El Salvador as a way out of the fiat inflation trap.

The decision already caused controversy, of course. Many are skeptical that this proposal will change anything to mitigate actual economical problems on the ground. But, on the other hand, others were really excited about the idea and wanted to see the results of this implementation.

On August 31, the Legislative Assembly approved a $150 million Trust in order to facilitate the conversion of BTC into USD. And if it’s the case that legislative officials in El Salvador represent the people, perhaps it’s a sign that the populace may be interested in the result of this adoption, since the bill was approved by 64 legislative officials in favor versus 14 opposing for the creation of the trust.

So, here we are, after all the discussion, at the historic moment when it happens.

From now on, we are going to follow the developments of President Bukele’s proposal and the country’s adoption in El Salvador’s economy, daily life and international relations.

We are truly living to tell. 

Previous Post

India & Crypto Adoption

Next Post

Kenya leads p2p crypto trading worldwide

Maluh Bastos

Maluh Bastos

Journalist, content writer and producer - and DJ in spare times - always looking to make some noise in the world. Crypto and blockchain writer, eager to learn more every day and hoping to contribute to Klever's mission to change people's lives through financial freedom.

Related Stories

Visa powered no-limit Bitcoin credit card launched in UAE

Visa powered no-limit Bitcoin credit card launched in UAE

by Jagdish Kumar
July 6, 2022
0
3.4k

Even though the cryptocurrency market has been showing a downward trend for a few months now, it does not stop...

India Crypto Influencers

Indian crypto influencers not following government advertisement regulations

by Jagdish Kumar
July 6, 2022
0
3.3k

While the government has asked crypto influencers to follow advertisement guidelines on their social media handles, these influencers are not...

Meta announces closure of crypto wallet, Novi from 1 September 2022

Meta announces closure of crypto wallet, Novi from 1 September 2022

by Jagdish Kumar
July 5, 2022
0
3.5k

Meta, formerly known as Facebook, which strived to build an ecosystem of cryptocurrencies, has decided to shut down its cryptocurrency...

Switzerland will hold its first World Crypto Conference 2023

Switzerland will hold its first World Crypto Conference 2023

by Jagdish Kumar
July 5, 2022
0
3.4k

Conferences in Switzerland do attract a lot of attention. From 13 to 15 January 2023, a global conference on cryptocurrency...

Next Post

Kenya leads p2p crypto trading worldwide

Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recommended

Ethereum

Coin of the Week: Ethereum (ETH)

November 14, 2021
3.3k
Tron (TRX)

Coin of the Week: Tron (TRX)

May 19, 2022
3.4k

Popular Story

  • bitcoin news

    Bitcoin battles back from record losses to $21,000

    1845 shares
    Share 738 Tweet 461
  • Klever showcases its blockchain ecosystem on a Time Square billboard

    2334 shares
    Share 934 Tweet 584
  • K5 adds new blockchain and KleverSafe support in the latest Android version

    1490 shares
    Share 596 Tweet 373
  • Love Monster joins forces with Klever

    2382 shares
    Share 953 Tweet 596
  • Rollout Phases of Klever Blockchain Features

    1124 shares
    Share 450 Tweet 281

Follow us on Twitter

Klever News

Join the Klever community
Growing together we are stronger.
Be sure to follow us on social media to stay up to date.

Categories

  • Announcements
  • Coin of the Week
  • Education
  • Exchange
  • Global
  • Hardware Wallet
  • Market Updates
  • NFTs
  • Opinions
  • Sponsored
  • Wallet
  • Wallet
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recent News

Visa powered no-limit Bitcoin credit card launched in UAE

Visa powered no-limit Bitcoin credit card launched in UAE

July 6, 2022
India Crypto Influencers

Indian crypto influencers not following government advertisement regulations

July 6, 2022
  • Marketcap
  • Sponsored Content
  • Advertise
  • Contact Us

© 2022 Klever News - Premium Crypto news & insights by Klever Finance.

  • Login
  • Sign Up
No Result
View All Result
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Clear Clear All
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00