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Bitcoin is now ‘legal tender’ in El Salvador – here’s what that means

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theconversation.com

On Sept. 7, 2021, El Salvador became the first country to make bitcoin legal tender. The government even went a step further in promoting the cryptocurrency’s use by giving US$30 in free bitcoins to citizens who sign up for its national digital wallet, known as “Chivo,” or “cool” in English.

Foreigners who invest three bitcoins in the country – currently about $140,000 – will be granted residency. Panama is considering following El Salvador’s lead.

Does making bitcoin legal tender mean every store and merchant in El Salvador will now have to accept digital payments? If more countries do the same thing, what will this mean for consumers and businesses around the world?

Read more on theconversation.com
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