Bitcoin is now the official currency of El Salvador

  • On Tuesday, the Central African country El Salvador announced Bitcoin as the official currency of their country.

  • El Salvador becomes the first country in the world to adopt Bitcoin as their legal tender.

  • The President of El Salvador Nayib Bukele tweeted that the country has bought 200 Bitcoins worth $200 million.

  • After the announcement, the price of the cryptocurrency increased by 1.49% to $52,680.

  • "El Salvador just bought 200 new coins. We now hold 400 bitcoins," Bukele tweeted.

  • Businesses will be required to accept Bitcoin in exchange for goods and services and the government will accept it for tax payments.

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