Recently, the market has been worried by terrible news from crypto assets, starting with the former US president, Donald Trump, who gave criticism back to the crypto world. Then, there was news that informed that the topic of crypto was the main focus of the G7 meeting.
However, from the bad news, there is still a lot of good information about crypto assets! So, you don’t have to worry! There is an increasingly bright future for crypto assets, especially Bitcoin. Last Wednesday, Bitcoin was officially used as a means of payment in El Salvador. Before that, let’s first look at how the economy in this country is.
Getting to Know the Economy of El Salvador
El Salvador is a country in Central America, on the border with Honduras and Guatemala. The state of the economy of this country of El Salvador relies heavily on sending cash or waiting for transfers from people living abroad because more than two million El Salvadorans are abroad. El Salvadorans abroad continue to send money transactions to their country with a total of US$4 billion.
Financial services in El Salvador are currently quite burdensome. Because it can take days to receive the money, and sometimes the funds must be withdrawn in person. Is it quite complicated, right?
Even you need to know that 70 percent of the population in El Salvador does not have a bank account or credit card, so they usually rely on cash. Therefore, President Nayib Bukele hopes that his opinion can be formalized to make it easier for the public to make payments.
Now, El Salvador Makes Bitcoin a Legal Payment Tool
Cryptocurrency, Bitcoin is official in this country along with the US dollar and is the first country you know that makes Bitcoin official as a means of payment. This is because, according to yesterday’s meeting on Wednesday, MPs agreed with the opinion given by the president of El Salvador, Nayib Bukule. There are 62 votes out of 84 MPs who agree that Bitcoin will become a means of payment in El Salvador in addition to the US Dollar, then the law regarding Bitcoin has been approved by the Congress of this country.
So with Bitcoin regulations that are legal in this country, the government hopes to help citizens have more practical and efficient payments, given that Bitcoin or other crypto assets do not require a bank account or passbook because they are already stored in digital wallets. El Salvador will now work with digital finance company Strike to help plan Bitcoin as a world-class currency because El Salvador itself does not yet have a good financial system. In addition, people from El Salvador no longer need to transfer money, which takes a long time.
This news has led some experts to say that Bitcoin and other cryptocurrencies can be used as a measure to counter macroeconomic conditions. I hope that many countries follow the rules like El Salvador!
In your opinion, do you agree or not that Bitcoin is used as a legal tender? Hopefully, the good news is that it can make the Bitcoin price rise rapidly again! However, while it hasn’t gone up fast, you can start buying Bitcoin now on Indodax.
How to Buy Bitcoin?
Follow the steps below, yes!
- For those who are not yet a member, click the link here.
- After that, make a deposit. For those of you who are confused about how to deposit, if you click this link.
- After your deposit and balance come in, you can return to the market.
- Search Bitcoins. Then click.
- After logging in, you must buy by filling in the balance and at what price you want to buy Bitcoin. Or you can also buy it instantly or directly.
- After that, you need to wait for the price to increase for some time patiently.
- After the price increases, you can sell it at a higher price with the instant method.
- You can place an order after buying if you sell with the limit method. Make sure you enter a higher number when selling.