NEW DELHI: The first country to legally accept bitcoin as legal tender to purchase goods and stuff, El Salvador has bought another 21 Bitcoin this month to celebrate the 21st year of 21st century.
— Nayib Bukele (@nayibbukele) December 22, 2021
El Salvador officially made Bitcoin its legal tender on September 7, 2021 making it the first country to adopt the currency. The move turned the Central American country into the first nation to experiment with the use of the currency which is increasingly getting popular among many investors and speculators globally.
President Nayib Bukele announced the purchase of the bitcoin with a tweet that read, “Got the receipt”. He made the purchase at 21:21:21 and pointed out that El Salvador’s land area is 21,000 square Kms. Bukele posted the screenshot of the transactions totaling over $1 million.
El Salvador had 1120 bitcoins in its treasury before the purchase that has been updated to 1141 bitcoins now. The Central American nation plans to buy another $500 million worth of bitcoins. The president also plans to create a Bitcoin City where the residents of the city won’t have to pay tax. The tourist town of the country, El Zonte is also seeking to rebrand itself as “Bitcoin Beach”. The town also has its bitcoin ATM. First Bitcoin ATM was received in 2020. The national government has also worked with the entrepreneurs to introduce a simplified bitcoin wallet for low-fee transactions.
Crypto or Cryptocurrency is a digital mined currency that can be used to buy goods and services that uses an online ledger with strong cryptography to secure online transactions. Cryptocurrency uses the technology “Blockchain”.
However, a lot countries across the globe are not convinced about cryptocurrencies as they fear it can be used to fund terrorism and is a threat to the bank regulated currencies around the world. Also, its mining is also dangerous. According to one report, the energy used to mine one bitcoin can power one household for an entire month.