It has been nearly three months since Nayib Bukele, El Salvador’s president, said that he wanted the country to recognize BTC as legal tender. On September 7, the much-awaited day has come. In preparation for the adoption of new sets of laws that will bring Bitcoin as a payment option to the nation, El Salvador acquired 200 BTC on September 6.
President Bukele said via Twitter that the nation’s brokers will be acquiring more coins as the deadline approaches which once more shows that the Central American nation is serious about adopting Bitcoin as legal tender.
El Salvador has just bought it’s first 200 coins.
— Nayib Bukele 🇸🇻 (@nayibbukele) September 6, 2021
Based on what is known, the purchase came as part of a new $150 million Bitcoin fund that was passed in the past week by the nation’s Congress. That fund is meant to be utilized to support the conversion of bitcoin into dollars ahead of the new cryptocurrency-friendly laws. At the time of this purchase, the acquired coins were worth nearly $10.36 million.
A Rough Road For Bitcoin Adoption
El Salvador’s famous decision to adopt the biggest crypto as legal tender met with various reactions. While the entire crypto community praised it for the bold move, financial institutions, authorities, and even some citizens in the country loudly criticized it.
The nation even saw some protests in the past week as the pensioners thought that they will be forced to accept their money in bitcoin instead of US dollars. That is not the case as President Bukele clarified this situation explaining that nobody will take the pensioners’ dollars.
Anyone can decide whether to use Bitcoin or not, and those who decide to do so will need to download a wallet app that will enable them to manage their money efficiently. The actual Bitcoin adoption is expected to happen on September 7, with a few more purchases expected later today.
But, the situation in the country should not change a lot. The president thinks that even if the initial bitcoin adoption ends up being somewhat weak, people will slowly warm up to the crypto as they recognize the benefits of doing that. Cheap payments and the possibility to earn as BTC’s volatile price surges are some of the benefits that will come with adopting bitcoin.