El Salvador is now the friendliest country for crypto business
El Salvador has now made Bitcoin acceptance a legal business requirement. In response, one of the country’s most prominent papers has a Bitcoin price tracker on its homepage and McDonalds starts accepting currency for the food.
- El Salvador accepts Bitcoin as legal tender
- President Nayib Bukele buys the dip
- McDonalds starts accepting Bitcoin in El Salvador
A live Bitcoin price tracker is featured on the newspaper’s top right corner, in full display on the website’s homepage. The price of Bitcoin is measured in USDT (Tether), which is a stable coin that is pegged to the US dollar.
A user-friendly price tracker will be useful for individuals required to accept Bitcoin payments as part of their business.
Surprisingly, the front page of that same newspaper is brimming with news articles claiming that people are opposed to it.
Despite the critics, President Nayib Bukele has committed to putting his Bitcoin law into action, ignoring concerns over article VII.
Every citizen will be given a free $30 worth of Bitcoin after signing up with the Chivo digital wallet, which has some difficulties at the moment of this writing. Many in the online Bitcoin community have promised to purchase $30 worth of Bitcoin with them in support of the nation.
The president is adamant that the revised initiative will help his nation’s long-term prosperity. He has disregarded negative media coverage of his government’s decision and has repeatedly stated that he believes it will benefit his country in the long run.
Furthermore, President Nayib Bukele of El Salvador announced that his administration purchased the dip by seizing 150 BTC during the recent sell off. El Salvador made its first BTC purchase late Tuesday on the eve of the Bitcoin Law coming into effect according to CoinTelegraph. The purchase of 200 BTC was worth around $10.4 million at the time.
On top of all this, McDonald’s restaurants in El Salvador now accept Bitcoin as payment.
U.Today has confirmed that the new payment option is indeed available at McDonald’s locations in the Central American country starting from today.
The fast-food restaurant is the first quick service restaurant in the Central American nation to start accepting Bitcoin payments following a three-year digital currency law debate that recently ended with a positive outcome for cryptocurrency users.
The monetary experiment is regarded as a litmus test for Bitcoin as a long-term currency. Proponents of cryptocurrency claim that this date marks the start of a new age for Bitcoin, anticipating that it will be followed by many more countries.