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El Salvador becomes first country to adopt bitcoin as legal tender

Bitcoin. Photo: Pixabay

San Salvador, Sep 8 (MNN) Bitcoin prices came down a day after El Salvador became the first country in the world to make it a legal tender along with the US dollar.

Bitcoin prices had dropped by as much as 10 per cent in 24 hours even as the government’s digital wallet app Chivo stabilised after initial technical snags.

Experts said that bitcoin was still bullish as long its price was above 43,000 dollar level.

Meanwhile, over 1,000 people protested in San Salvador on Tuesday against the adoption of Bitcoin. People more or less were happy to use Bitcoin to pay for goods and services.

While platforms like Apple and Huawei weren’t offering the government-backed digital wallet Chivo, servers were put offline after they couldn’t keep up with user registrations. But Chivo began appearing on more platforms as the day passed and was accepted by the likes of Starbucks and McDonald’s.

The government has even given Salvadorans 30 dollars each of Bitcoin to encourage its adoption. It said bitcoin could save the country 400m dollars a year in transaction fees on funds sent from abroad.

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