Bitcoin, as El Salvador prepares to submit legal tender

200 ATMs have been installed where citizens can convert dollars into virtual currency. The law President Bukele wanted has been in effect since September 7

A ‘Chivo’ ATM in El Salvador converts bitcoin into dollars (Photo Twitter Bukele)

plan savior To give legal tender to Bitcoin: The government is spread all over the country 200 ATMs To convert dollars into cryptocurrency and vice versa. The law proposed by the President of the Republic watch this, After being approved in June by Parliament, it will come into force from 7 September, so the small Central American country is providing itself with useful infrastructure to accompany citizens’ access to Chivo digital wallet service, which in the local vernacular means “Ganzo”. 20% of the national GDP depends on Migrant remittances According to the executive branch, the Bitcoin law Citizens will allow Save $400 Million Annually in money transfer fees.

The government created a $150 million fund to support the project. By downloading the digital wallet, developed with Strike and entering their own identification number, citizens will find themselves an incentive $30 already deposited in bitcoin (Currently, the number will be equal to 6 thousand bitcoins), according to Finance Minister Alejandro Zelaya. There will be too 50 financial branches You can withdraw or deposit money in the country of 6.4 million people which is just under the size of Emilia Romagna.

recovery

Meanwhile, the The largest cryptocurrency in the world I arrived valuation of 50 thousand dollars Sunday, it’s back to levels not seen in three months. Bitcoin (+7.57%) and other digital currencies regained strength in the past week, according to data from Coinmarketcap: Ethereum + 4.54%, Cardano + 39.76% and Binance Coin + 17.42%. Gained momentum in the wake of several advertisements.

Coinbase, the largest US trading platform, said the other day that it wants a budget to buy $500 million in cryptocurrency And invest 10% of the quarterly revenue in a portfolio of crypto assets. The company, as per the plans of CEO Brian Armstrong and Chief Financial Officer Alesia Haas, plans to invest in Ethereum, decentralized fund tokens, and proof-of-stake assets.

On the other side of the Atlantic, PayPal From this week is allowed to buy and sell and Cryptocurrency storage for its UK customersStarting at just one pound. It will be the service’s first international expansion outside the United States. PayPal anticipates the proliferation of digital tokens in e-commerce transactions and aims to represent the entry level into the crypto world, even for non-professional users. At the moment, it will not be possible to transfer digital tokens to other virtual wallet applications.

in World non-fungible token (nft), In the endAnd Instead he makes his debut visa, who just bought a Cryptobank For $150,000. He explains why the world’s leading credit card company took an interest in unique, quirky characters developed in 10,000 copies in 2017 by Larva Labs, drawn in pixelart, distributed largely for free and then a bit of a fan relic, he explains. presser. Sheffield, Director of the Crypto Unit at Visa: “We believe NFTs will play an important role in The future of retail, social media, entertainment and commerce. To help our customers and partners participate, we need to develop a first-hand understanding of the infrastructure requirements required for a global brand to buy, retain and benefit from NFT.”

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