El Salvador buys first 200 bitcoins ahead of legal adoption

Reuters2021-09-07

SAN SALVADOR, Sept 6 (Reuters) - El Salvador has bought its first 200 bitcoins, President Nayib Bukele said on Monday, one day before the country formally adopts the cryptocurrency as legal tender.

"Our brokers will be buying a lot more as the deadline approaches," Bukele said on Twitter.

El Salvador is due to legalize bitcoin on Sept. 7, a move that the popular Bukele said will save Salvadorans living abroad millions of dollars in commissions on money they send home.

But polls show Salvadorans are skeptical about using bitcoin, wary of the volatility of the cryptocurrency that critics say could increase regulatory and financial risks for financial institutions.

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Comments

  • valueTrader
    2021-09-07
    valueTrader
    I think it's a bad idea. Too volatile as a daily currency
  • Limth
    2021-09-07
    Limth
    Is thus a good time
  • sesemike74
    2021-09-07
    sesemike74
    Great
  • EHG
    2021-09-07
    EHG
    Like 
  • xremy
    2021-09-07
    xremy
    Bitcoins... Upupup & Away... 
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