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© Reuters
Cryptocurrency adoption has been on the rise in El Salvador in recent years, with the country becoming the first in the world to adopt (BTC) as a legal tender. This landmark decision has attracted the attention of the global cryptocurrency community and has sparked discussions on the potential benefits and challenges of widespread adoption.
El Salvador’s controversial move with its cryptocurrency adoption would not have been possible if it was not due to President Nayib Bukele, who garnered international attention after announcing the Bitcoin adoption plan and passed it into law. The legislation required all businesses within the country to accept Bitcoin as a form of payment for goods and services. As a legal tender, Bitcoin now has the same status as traditional fiat currencies, which worries other regulators, economic experts and many everyday Salvadorans.
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