September 7, #BitcoinDay in El Salvador

September 7, 2021

Today, Tuesday September 7 2021, Bitcoin will become legal tender in El Salvador. In advance of the Bitcoin law taking effect, the Salvadoran government has started buying bitcoin. The first 400 coins have been purchased and “a lot more” are coming, according to President Nayib Bukele.

El Salvador’s President, Nayib Bukele, made the announcement of the first purchase of 200 BTC on Monday:

Not long after, the president announced a second batch of 200 BTC added to the country’s totals.

El Salvador now holds 400 confirmed BTC. At the current price of $52,598, the 400 Bitcoins are worth about $21 million.

On Tuesday, for at least a day, El Salvador will become the center of the world. As Bukele tweeted:

For Bitcoin becoming legal tender in the country, El Salvador’s Congress approved the Bitcoin Law on Aug. 31 to create a $150-million fund to facilitate conversions from bitcoin to U.S. dollars. Funding will come from the finance ministry’s current budget and administered by the state development bank of El Salvador. In preparation, 200 ATMs and 50 bank branches featuring the government’s Chivo wallet have been installed in different parts of the country where users can deposit and withdraw money, commission-free.

Meanwhile, a large number of bitcoin supporters around the globe are planning to buy $30 worth of BTC to show their support for El Salvador’s Bitcoin Law. The announcement was made on a Reddit forum. Not to pump the price, but to stand behind the Salvadoran people in a defining moment for the country.

$30 is the number of Bitcoin that President Bukele promised anyone who will start using the government’s Bitcoin wallet, Chivo.

The post September 7, #BitcoinDay in El Salvador appeared first on iGaming.

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Author: Peter Siu

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