Wednesday, June 16

El Salvador: is bitcoin the best way to send remittances?

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  • BBC News World

American dollar

Image source, Reuters


Not everyone understands how bitcoin works and the risks there may be.

El Salvador has become the first country in the world to officially authorize bitcoin as legal tender.

After a vote in Congress on Tuesday, in 90 days the cryptocurrency will adopt the new status that it will share with the US dollar.

The new law means that all companies must accept bitcoin as payment currency for goods or services, unless they do not have the necessary technology to carry out the transaction.

President Nayib Bukele said the measure would make it easier for Salvadorans living abroad to send money home, a process known as remittances.

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