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China Daily / 2021-06 / 11 / Page011

El Salvador's adoption of bitcoin delights fans

China Daily | Updated: 2021-06-11 00:00

SAN SALVADOR, El Salvador-El Salvador's approval of bitcoin as legal tender, making it the first country to do so, has delighted cryptocurrency supporters but left markets unconvinced.

The Central American nation's Congress passed a bill late on Tuesday paving the way for bitcoin to be used in a variety of daily financial transactions from buying property to paying taxes.

It is the first time the highly volatile and decentralized cryptocurrency has been recognized by a national government and came as regulators in Europe, Asia and North America are moving to contain the market, which has grown tenfold in recent months.

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