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Bitcoin has risen in price by 5% after recognition in El Salvador

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Bitcoin has risen in price by 5% after recognition in El Salvador

The price of the main cryptocurrency reached $ 34.5 thousand, and its capitalization increased to $ 643 billion. This happened after the first country in the world recognized bitcoin as an official means of payment. At the time of this writing, Bitcoin is traded at $ 36.8 on the Bitxmi crypto exchange, capitalization is $ 689 billion.

Bitcoin has risen in price

Bitcoin became the legal tender in El Salvador as a result of the adoption of the relevant law by the country’s parliament. President Nayib Bukele announced that he would sign the document soon, after which it would come into force “immediately”. 90 days will be given to creating infrastructure for payments in cryptocurrency.

Acceptance of bitcoins for payment will become mandatory in the country. The head of El Salvador stressed that the cryptocurrency will be legal tender along with the US dollar. The government also plans to create an official crypto wallet and will store $ 150 million worth of bitcoins in it in a trust fund based on the Development Bank of El Salvador to ensure the automatic and instant exchange of BTC for the US dollar.

Will Bitcoin be adopted in other countries?

Bitcoin has risen in price

Two days before the adoption of bitcoin as a means of payment in El Salvador, the need for such a step was also announced by Panamanian Congressman Gabriel Silva. He called on the Panamanian authorities to support the cryptocurrency to become a hub for technology and entrepreneurship. Silva said Panama’s National Assembly is already working on a bill.

A similar statement was made by Paraguayan Congressman Carlitos Reiala. He hinted that Paraguay’s support for the cryptocurrency at the state level will soon be announced.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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