It is September 7th, and El Salvador’s Bitcoin law came into effect three months after the historic vote was passed by its parliament. The Central American country is now the first country to recognize Bitcoin (Bitcoin) As legal tender.
Twitter Earlier in the day, El Salvador’s President Nayib Bukele commented: “3 minutos para hacer historia — in 3 minutes, we made history.”
However, the first day The Bitcoin experiment in El Salvador The server capacity error suffered by the state-issued Chivo wallet has been compromised to some extent.Speaking of this situation, President Booker Comment:
“It didn’t work for a while @chivowallet. We disconnected it while increasing the capacity of the image capture server. The installation problem some people encountered was for this reason. We prefer to correct it before reconnecting.”
As previously reported by Cointelegraph, El Salvador purchased 200 BTC, bringing its Bitcoin holdings to 400 “coins”.The country’s parliament recently Passed $150 million in Bitcoin Fund to facilitate the conversion from BTC to U.S. dollars.
Therefore, more Bitcoin purchases are expected, and the president even expressed his intention to increase BTC purchases in the country.
Since voting in June, this Central American country has received strong support from the Bitcoin community. It is expected that Tuesday’s release will be commemorated with a united purchase of $30 BTC from several Bitcoin supporters in Latin America and around the world.
Bitcoiners like MicroStrategy CEO Michael Saylor and Human Rights Foundation Chief Strategy Officer Alex Gladstein strongly support the plan.
Konstantin Anissimov, executive director of the cryptocurrency trading platform CEX.IO, told Cointelegraph that the adoption of Bitcoin in El Salvador proves that BTC is a currency. According to Anisimov, Bitcoin provides important financial assistance to countries with weak economies such as El Salvador.
“The great advantage of Bitcoin for these economies is that they will not pay any debt to anyone. This also means that these countries will provide excellent opportunities for the adoption of cryptocurrencies and crypto startups. This will ultimately increase taxes and Can become a growth point for this country.”
El Salvador’s efforts to adopt Bitcoin have met with excitement and hostility at home and abroad. Back in August, Some retirees protest against Bitcoin law, Afraid that the government will pay their pensions in BTC instead of U.S. dollars.
According to reports, as many as 70% of the country’s population Oppose the adoption of Bitcoin as legal tenderGlobal financial entities such as the International Monetary Fund have also warned El Salvador not to use BTC as legal tender.
In an interview with Bloomberg on Tuesday, Mark Mobius of Mobius Capital Partners Panning El Salvador’s Bitcoin adoption plan shows that the country is “grabbing the straw”.