El Salvador purchased its first 200 BTC one day before the law is effective as President Nayib Bukele announced on Twitter as we are reading more in our latest BTC news today.
Bukele made the announcement a day before the country’s BTC law which will make the crypto legal tender within the Central American nation gets into effect:
“El Salvador has just bought it’s first 200 coins. Our brokers will be buying a lot more as the deadline approaches. #BitcoinDay #BTC””
At press time, BTC was changing hands at $51,883 and marked an increase of 1.84% in the past 24 hours as per the data. Before Bukele’s tweet, there was a growing number of users on social media platforms like Reddit and Twitter which called for people to buy smaller amounts of BTC in support of El Salvador’s plan to make BTC a legal tender as many investors bet that the news will give the cryptocurrency a major price boost. Bukele also announced that the BTC law will go into effect by today and his government will use the chivo wallet that is preloaded with $30 of BTC for everyone that downloads it. To initiate the process, El Salvador purchased its first 200 BtC.
El Salvador has just bought it’s first 200 coins.
— Nayib Bukele 🇸🇻 (@nayibbukele) September 6, 2021
El Salvador’s governemnt was also working on building infrastructure to support the new BTC law including the launch of a $150 million BTC trust to facilitate exchange between BTC and US dollars in the country. The law was passed by the majority in the El Salvador legislature with 62 members voting in favor of the bill and 19 opposed with three abstained. However, in contrast to the law, Bukele confirmed that the use of BTC as legal tender will not be mandatory:
“If someone wants to continue to carry cash, not receive a sign-on bonus, not win over customers who have bitcoin, not grow their business and pay commission on remittances, they can continue to do so.”
The waiting period for the Bitcoin law to become mandatory is over and according to the text of the law, all economic agents have to start accepting Bitcoin along with the dollar as a means of payment while the political situation in the country is only getting worse. Bukele promises that the measure seeks to benefit the people and save the country up to $400 million in remittance commissions that will provide instant and more secure financial transactions. However, the people in the country don’t seem to agree as huge anti-BTC protests fill the streets.
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