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El Salvador becomes the first country in the whole world to approve Bitcoin as a legal Tender

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The Central American country of El Salvador has become the first country in the whole world to make the popular cryptocurrency Bitcoin a legal tender in the country after the parliament of the country passed the bill proposed by the president  Nayib Bukele with 62 supporting out of 84.

Bitcoin in the country is therefore lifted to same status as the U.S dollar which has been the sole currency and legal tender of the country.

El Salvador also becomes the second country in the whole world to use a cryptocurrency as a legal tender the first being Marshall Islands an Island country in the Pacific Ocean that legalized Cryptocurrency as a legal tender in 2018 know as SOV a short form of Sovereign.

The news comes at time when the world’s largest Bitcoin mining country China is on an ongoing intense crackdown against cryptocurrencies including Bitcoin which has seen the digital currencies to lose over 50% of their value with Bitcoin which was once at $64000 a coin going to as low as $34000 early this week.

Read also: How Akon’s Futuristic Cryptocurrency city will look like in Uganda

Acceptance of cryptocurrencies in on increase with various companies accepting payments in form Bitcoin and Ethereum which are the most popular cryptocurrencies and of recent, the meme cryptocurrency Dogecoin has also been getting a considerable acceptance.

Cryptocurrencies especially bitcoin have been criticized for being against environmental protection since it uses a lot of fossil energy especially coal which has forced companies like Tesla Inc to suspend its acceptance as a mode of exchange. Countries like Iran also have suspended Bitcoin mining citing high use of power.

No other country has shown interest in making cryptocurrency a legal tender, however more countries are starting to propose laws meant to regulate the use of cryptocurrencies.

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