El Salvador bought its first 400 Bitcoins yesterday, and plans to buy more. On Tuesday, September 7, 2021, the cryptocurrency will become the official currency of the country, as announced by President Nayib Bukele on Twitter.
“El Salvador has just bought its first 200 coins. Our brokers will buy a lot more as they approach the deadline,” Tweeted Bukele, who announced a few hours later the purchase of another 200 Bitcoin, which brings the total to 400.
Overall, these purchases amount to about 20 million Dollars based on yesterday’s value of the most popular cryptocurrency in the market.
El Salvador has long announced its intention to make Bitcoin a legal and recognized currency. The choice has attracted the attention of the media and will certainly do so also for cryptocurrencies and monetary policy experts from all over the world. The decision was made through a law that will make the country a unique in the world: El Salvador will be the first nation to adopt Bitcoin as a legal tender currency along with the US dollar, which represents the country’s current national currency. The legislation obliges everyone to accept Bitcoins as a method of payment for goods and services, including taxes.