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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
