Bitcoin, the mother of all cryptocurrencies, is now legal tender in at least one country of the world. The president of El Salvador has this week (June 2021) effected a law in parliament that will in turn give BTC-USD (Bitcoin) legal tender status. That means that its value can be exchanged for commodities in the country legally. Banks in the country may also start exchanging it for dollars.
The country of El Salvador receives a high volume of foreign remittances. Traditional money transfer services charge high fees and have tiring delay times. Bitcoin transactions can enable transfers in minutes with minimal costs to users. It is in this interest primarily that the President of the country took this action, but there are numerous other benefits.
While China has cracked down on bitcoin mining, it has scrambled to create its own nationally cryptocurrency using the same blockchain technology that powers the present cryptocurrencies. Around the world, central banks are rushing to create their own cryptocurrencies in order to maintain financial control of the world. Many governments and banks see the ongoing cryptocurrency revolution as a threat to their very existence. A few have threatened to make Bitcoin illegal, but can they do it?
One country has already made Bitcoin legal tender, and likely, there are many to follow.
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