El Salvador News

Read this article to know why El Salvador and the Central African Republic (CAR) have adopted Bitcoin as a legal tender.

If successful, the “Mi Primer Bitcoin” program, which recently rolled out in El Salvador, could be coming soon to a school near you.

El Salvador, the first country to adopt Bitcoin as legal tender, has seen explosive growth in tourism numbers in the first half of 2022.

The banking giant estimated that El Salvador wouldn’t face any issues with its debt payment for another year, despite the crisis it’s facing currently.

El Salvador officially made Bitcoin legal tender in September 2021; since then, the Latin American country has placed BTC near the center of its economic growth strategy.

Crypto bear markets are rough, but there are five moonshot events that could turn the ship around.

Peter Schiff’s bank closure highlights why Bitcoin is crucial for financial freedom, as the nascent asset class has already helped nearly 4 million unbanked in El Salvador to gain banking facilities.

Some residents have reportedly told the crypto-friendly city of Próspera to “go home” following the Honduran government’s repeal of the ZEDE legislation which enabled it.

El Salvador payment app Chivo processed $52 million in remittances over the past six months, as expatriates make use of commission-free BTC transfers.

As tensions rise amid falling BTC prices, President Nayib Bukele decided to share advice for fellow Bitcoin investors that may be concerned about the prolonged bear market.

Although the president has previously called the laws innovative, his concern regarding Anti-Money Laundering measures has put the bill back up for debate with the government.

For the past few weeks, the crypto market has been in a tailspin. While other investors may have given up on BTC, its ardent supporters continue to extol its virtues.

Salvadoran minister Alejandro Zelaya brushed off the media criticism of the nation’s investments in Bitcoin.

Governments and environmentalists are quick to criticize the amount of electricity Bitcoin mining uses, but investors’ growing interest in crypto is leading to positive steps in the energy sector.

The layer-2 technology built on Bitcoin now has 4,000 Bitcoin or $120 million locked up allowing for near-instant payments around the world.