El Salvador has confirmed that the country has finally made a purchase of 200 units of BTC as this is part of its crypto integration policy which was rolled out this year, June.
Despite the many oppositions and backlash received by the country, El Salvador has stood by its decision to make Bitcoin become a legal tender. This move has made them(El Salvador) become the first ever country to consider crypto to become a legal tender.
The country’s president, Bukele, has confirmed that the country has purchased these numbers of bitcoin as it is in line with the country’s new crypto adoption rules which is said to be in action from 7th of September. The president has also informed the media and public that the purchasing of these crypto doesn’t stop here as there shall be more payments which shall be made in the forthcoming days by the country for the acquisition of more crypto.
This move will make it easier for the country to be able to easily convert the cryptos into US Dollars. The funds will grant easy conversion for the people of El Salvador and would pave the way for easy investments into the country by foreign investors. Despite the World Bank and the International monetary fund advising and informing the country of its disassociation from this movement, the bitcoin community have heaped praises as well as, celebrate this new feat and step which the country has taken to legalize and endorse crypto as a legal tender.
Another great advantage of this new law is that it allows the people of Salvador to see holding of bitcoin for a long term, as another means of a long and secured form of investment or another easier way of getting cash without being charged any additional fees. The country is said to have installed over 200 ATMs which would help its citizens in the process of buying and selling crypto.
Since the country plans to roll out its own Bitcoin wallet with the name, CHIVO. The said Bitcoin wallet would allow citizens to carry out operations and transactions on them without taking any fee or commission from them.