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El Salvador recognizes BTC as legal tender

June 9, 2021 By William White, InvestorPlace Writer Jun 9, 2021, 10:19 am EDT June 9, 2021

There’s some major Bitcoin (CCC:BTC-USD) news for Wednesday that investors need to be aware of and it has to do with El Salvador.

Source: Wit Olszewski/Shutterstock,com

Let’s take a look at that news below!

  • The big news today is that El Salvador has passed a law that has the country officially recognizing BTC as legal tender.
  • The bill was passed by the Salvadoran Congress with a supermajority of 62 out of 84 votes in favor of it.
  • Nayib Bukele, the President of El Salvador, took to Twitter (NYSE:TWTR) to announce the news.
  • That’s worth pointing out as it makes the country the first to ever accept Bitcoin as legal tender.
  • The goal is to offer up more financial freedom to citizens that might not have access to traditional financial services.
  • That makes sense as only 30% of citizens have access to such services.
  • Another thing worth noting is that citizens won’t have to use a government wallet to hold BTC.
  • The change also means that all businesses have to accept Bitcoin.
  • However, it doesn’t mean they have to hold onto it.
  • The government is setting up a fund that will allow businesses to exchange BTC for U.S. Dollars.
  • This fund will hold $150 million and will regularly sell Bitcoin to replenish its resources.
  • In addition to all of this, President Bukele also revealed that investing in the economy of El Salvador can grant a person citizenship.
  • He said that anyone that invests 3 BTC, or about $105,0000 as of this writing, into the economy will obtain citizenship in the country.

BTC was up 10.1% over a 24-hour period as of Wednesday morning and is up 20.4% since the start of the year.

Readers that are looking for more crypto news today don’t have to go far.

InvestorPlace offers a wide variety of coverage and that includes the crypto space. The latest news for investors to catch up on includes what’s happening with Ripple (CCC:XRP-USD), Ethereum (CCC:ETH-USD), and MATIC (CCC:MATIC-USD). You can learn more at the links below!

More Wednesday Crypto News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2021/06/btc-13-things-to-know-about-el-salvador-bitcoin-legal-tender-and-citizenship/.

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