El Salvador completed one year with bitcoin

Yesterday was the anniversary of El Salvador’s Bitcoin adoption as a legal currency.

The whole world knows very well that El Salvador adopted Bitcoin as a legal tender on 7 September 2021. Initially, the news of Bitcoin adoption in El Salvador came from Zap Solutions Founder and CEO Jack Mallers, who announced at Miami’s Bitcoin 2021 that the El Salvador government was planning to introduce Bitcoin as a legal currency. 

9 June 2021 was the Bitcoin law approval day in El Salvador. At that date, the proposal for Bitcoin adoption was fully approved by the Legislative Assembly.

 On 24 June, Nayib Bukele announced that the country will introduce Bitcoin as a legal currency on 7 September, and the same thing happened but there was a huge controversy. 

After the adoption of Bitcoin as Currency, the El Salvador government purchased Bitcoin 11 times. 

The first purchase of Bitcoin took place by the country on 7 September, as a part to provide Bitcoin payment liquidity and also to reward the citizens in Chivo Bitcoin wallet as new user registration.

Now, El Salvador holds a total of 2,381 bitcoins and the last purchase of Bitcoin was made by the Govt on 30 June 2022. 

In the Bitcoin adoption journey, El Salvador president Nayib Bukele faced huge criticism because the country lost a significant amount of money, as the price of Bitcoin plunged. But still, there are many people in El Salvador, who are appreciating the government for adopting such innovative technology to make banking services available easily.

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