Not only has the crypto industry experienced a boom enough to recover from its recent woes, the token is up 20%. Salvadorian President, Nayib Bukele has officially recognized Bitcoin as a legal tender in the country.
This is great news for the cryptocurrency industry which has faced a lot of back push from several countries across the globe and climate controversies. El Salvadorians will now be able to perform transactions in bitcoin and exchange the same for US Dollars. What’s more, each citizen that downloads the government Crypto App – Chivo will earn $30 in Bitcoin just for signing up.
Way to go El Salvador, the government’s approach will most likely give it the first comer advantage, at least where governments are concerned. There has been a general fear about trust concerning the new legal tender. Crypto doubters may now be more emboldened to explore the waters now that El Salvador has taken a bold step.
There are likely risks involved as well, considering the volatile nature of cryptocurrencies, El Salvador could be scheduled for a rollercoaster economic ride.