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El Salvador adopts Bitcoin as legal tender prompting excitement, skepticism

CA, 11 Jun 2021
Salvadorans woke on Thursday and reacted with both excitement and skepticism as their country became the first in the world to adopt Bitcoin as legal tender.

The Salvadoran Congress approved President Nayib Bukele's proposal on Wednesday to embrace the cryptocurrency – a move that delighted the currency's supporters.

With 62 out of 84 possible votes, lawmakers voted in favour of the move to create a law to adopt Bitcoin, despite concerns about the potential impact on El Salvador's dealings with the International Monetary Fund (IMF).

Bukele has touted the use of Bitcoin for its potential to help Salvadorans living abroad to send remittances back home, while saying the U.S. dollar will also continue as legal tender. In practice, El Salvador does not have its own currency.

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