Question
Here is the question : WHAT COUNTRY RECENTLY BECAME THE FIRST TO ACCEPT BITCOIN AS LEGAL TENDER?
Option
Here is the option for the question :
- El Salvador
- South Korea
- Brazil
- Monaco
The Answer:
And, the answer for the the question is :
Explanation:
On September 7, 2021, El Salvador became the first government in history to recognize the digital currency Bitcoin as a valid form of payment for goods and services. President Nayib Bukele of El Salvador came up with the revolutionary strategy in an effort to take advantage of his enormous popularity in the country and implement some forward-thinking improvements to the country’s monetary system. Bukele argues that Bitcoin will allow Salvadorans to save $400 million a year on commissions for remittances and will give access to financial services to people with no bank account. The change pushes businesses in the country to accept payment in bitcoin alongside the U.S. dollar, which is El Salvador’s other official currency.
El Salvador, a small country in Central America, made headlines in 2021 when it became the first country in the world to accept Bitcoin as legal tender. The move was a bold and innovative step towards embracing cryptocurrencies and digital finance, and it has the potential to transform the way that money is used and exchanged around the world.
The decision to make Bitcoin legal tender in El Salvador was announced by the country’s president, Nayib Bukele, in June 2021. The move was seen as a way to promote financial inclusion and provide greater access to financial services for the country’s largely unbanked population. It was also seen as a way to attract investment and foster innovation in the country’s economy.
Under the new law, Bitcoin can be used to purchase goods and services in El Salvador, and it can be accepted by businesses and individuals as a form of payment. The law also requires that all businesses in the country accept Bitcoin as payment, although they can choose to convert it to dollars if they prefer.
The move has been met with both excitement and skepticism, with some experts warning of the potential risks and uncertainties associated with cryptocurrencies. However, proponents of the move argue that Bitcoin has the potential to revolutionize the way that money is used and exchanged, and that it can help to promote financial inclusion and economic development in developing countries.
the decision to make Bitcoin legal tender in El Salvador is a bold and innovative step towards embracing cryptocurrencies and digital finance. Whether it will be successful in promoting financial inclusion and economic growth remains to be seen, but it is clear that the move has the potential to transform the way that money is used and exchanged around the world.