FORUM

Jun 10 2021

Bitcoin rallies after El Salvador adopts the crypto as legal tender

Bitcoin rallies after El Salvador adopts the crypto as legal tender

The world’s most prominent cryptocurrency, bitcoin, surged 13% on Thursday to above $37,300 after El Salvador officially recognized it as a legal tender, becoming the first country in the world to do so.

The cryptocurrency is still significantly off from its record high of $64,829.14 that was reached in April. 

The bill that has been passed in El Salvador will mandate all businesses to accept bitcoin for goods or services, but the government will act as a backstop for entities that aren’t willing to take on the risk of a volatile cryptocurrency.

Also on rt.com Cryptocurrency world first as bitcoin becomes legal tender in El Salvador

The Central American country has struck a partnership with digital wallet company Strike to build the country’s modern financial infrastructure using bitcoin technology.

In addition, El Salvador’s state-owned electric company has been instructed to provide cheap electricity for mining the cryptocurrency, powered by volcanoes.

For more stories on economy & finance visit RT’s business section

FORUM

Bitcoin rallies after El Salvador adopts the crypto as legal tender Bitcoin rallies after El Salvador adopts the crypto as legal tender Bitcoin rallies after El Salvador adopts the crypto as legal tender Bitcoin rallies after El Salvador adopts the crypto as legal tender

Apartments News Auto News Car News Credit News Insurance News Loan News Top News Pharma News Real Estate News Rental News Travel News USA News

Written by admin


%d bloggers like this: