{"id":44598,"date":"2021-06-11T08:52:41","date_gmt":"2021-06-11T08:52:41","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=44598"},"modified":"2021-06-11T08:52:50","modified_gmt":"2021-06-11T08:52:50","slug":"el-salvador-makes-history-becomes-first-country-to-adopt-bitcoin-as-official-currency","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=44598","title":{"rendered":"El Salvador makes history, becomes first country to adopt bitcoin as official currency"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i3.wp.com\/www.ripplesnigeria.com\/wp-content\/uploads\/2021\/02\/bitcoins.jpg\" alt=\"LONG READ... CBN CRYPTOCURRENCY BAN: What is the noise about?\"\/><\/figure>\n\n\n\n<p>Lawmakers in El Salvador have passed a law to increase the country\u2019s official currency after the nation\u2019s President, Nayib Bukele, asked that bitcoin be adopted for payment.<\/p>\n\n\n\n<p>The legislature voted to make\u00a0<a href=\"https:\/\/www.ripplesnigeria.com\/business-roundup-naira-crashes-to-n500-per-dollar-twitter-founder-to-invest-in-bitcoin-wallets-amid-crash-other-stories\/\">bitcoin<\/a>\u00a0its legal tender in order to improve the country\u2019s financial situation. This decision makes El Salvador the first country to legalise cryptocurrency.<\/p>\n\n\n\n<p>El Salvador now has two official currency: US dollar and bitcoin \u2013 having changed its tender from Salvadoran colon to dollar in 2001 \u2013 both of which can be used by the 6.5 million citizens of the country.<\/p>\n\n\n\n<p>With the adoption, businesses in the Central American will automatically become investors in the bitcoin community. Companies are now authorised to receive bitcoin as form of payment for goods and services.<\/p>\n\n\n\n\n\n<p>The country is having remittance problem, and President Bukele believes the acceptance of bitcoin will grow capital inflow into El Salvador which has major international oil trade ties with Saudi Arabia and Qatar, and attracts tourism.<\/p>\n\n\n\n<p>Note that since El Salvador changed its currency to that of US dollar twenty years ago, the country has handed over currency supply and interest rates authority to the US Federal Reserves.<\/p>\n\n\n\n<p>The adoption of dollar hasn\u2019t improved El Salvador\u2019s economy as initially believed before its colon was replaced. With the acceptance of bitcoin, the country\u2019s government is betting on the crypto to give the financial growth it desires.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lawmakers in El Salvador have passed a law to increase the country\u2019s official currency after the nation\u2019s President, Nayib Bukele, asked that bitcoin be adopted for payment. The legislature voted to make\u00a0bitcoin\u00a0its legal tender in order to improve the country\u2019s financial situation. This decision makes El Salvador the first country to legalise cryptocurrency. El Salvador [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>El Salvador makes history, becomes first country to adopt bitcoin as official currency &raquo; WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=44598\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=44598#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=4\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"El Salvador makes history, becomes first country to adopt bitcoin as official currency\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"El Salvador makes history, becomes first country to adopt bitcoin as official currency &raquo; WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=44598","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=44598#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/watchdogplusmedia.com\/?cat=4"},{"@type":"ListItem","position":3,"name":"El Salvador makes history, becomes first country to adopt bitcoin as official currency"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=4\" rel=\"category\">Business<\/a>","rttpg_excerpt":"Lawmakers in El Salvador have passed a law to increase the country\u2019s official currency after the nation\u2019s President, Nayib Bukele, asked that bitcoin be adopted for payment. The legislature voted to make\u00a0bitcoin\u00a0its legal tender in order to improve the country\u2019s financial situation. This decision makes El Salvador the first country to legalise cryptocurrency. El Salvador&hellip;","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/44598"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44598"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/44598\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}