Bitcoin First Government Currency

Governments have been creating and managing money for thousands of years. Today, most money is in the form of bank notes or digital currency such as coins or cashless payment apps like PayPal. However, cryptocurrencies are challenging the norm, from decentralised digital currencies such as Bitcoin to blockchain-based tokens like Ethereum. With the rise of digital currencies like Bitcoin and Ethereum and their potential for future implementation, governments are exploring ways to leverage this technology for their own use. Newer “digital” currencies can be used to pay taxes or other government services or even replace current monetary systems altogether. Governments around the world are experimenting with these new technologies to improve transparency and efficiency of management processes while reducing costs. Here is a list of countries that have already implemented cryptocurrency as a national currency:

Today is an important day for both financial systems and Bitcoin around the world. Because El Salvador, which has been preparing to recognize Bitcoin as its official currency for some time, is officially starting the new era today. For the first time in history, the country will use a cryptocurrency as its official currency. For now, it is not known what the era of President Nayib Bukele's hopeful will bring to El Salvador.

El Salvador's government has created a digital wallet for its citizens to use, saying that $ 30 worth of Bitcoin will be distributed to those who use these wallets. News today reveals that payments can now also be made with Bitcoin. The government, which has a total of 400 bitcoins, says that anyone who agrees to invest 3 Bitcoins will also be granted a residence permit.

El Salvador's move boosts Bitcoin to $ 52k

el salvador chart

El Salvador's move to make Bitcoin its official currency has further weighed on the popular cryptocurrency. Bitcoin, which solidified its upward trend during the night, jumped to $ 52,853. Bitcoin, which traded at $ 52,673 as of 09:38, has been valued at 1.71 percent in the last twenty-four hours. The cryptocurrency's valuation over the past week is 11.82 per cent.

The decision by El Salvador will hardly affect the value of Bitcoin in price. Because El Salvador's economy is about $ 26 billion. But such a decision could move Bitcoin to a completely different point in the long run. Because this decision is expected to be adopted in various countries. This, in turn, can increase confidence in Bitcoin. If an economic recovery is seen in island countries such as El Salvador, then there could be huge changes in the global financial order.

This content is not investment advice.