El Salvador has made bitcoin its second official currency

Everyone wants to join the digital currency trend. Bitcoin might be stumbling but trade analysts believe it will recover soon and will help investors to make huge profits within a short period of time. 

 

Bitcoin is the most popular cryptocurrency that is now accepted in US restaurants, fast food joints and clothing outlets. Other countries are also quick to join the crypto hype. El Salvador, a country in Central  America has become the world's first country to accept bitcoin as a legal payment method.

 

(Must Check: Top 10 Companies Adopting Bitcoins)

 

El Salvador will now accept payments in both US dollars and bitcoins. Nayib Bukele, the president of El Salvador, is optimistic about this futuristic decision. The acceptance of bitcoin as a legal tender will cut down the cost of sending money from the US to El Salvador. It will help El Salvador to counter problems related to low banking penetration rates. 

 

As reported by Bloomberg Quint, “El Salvador, like many Latin American countries, pays significant fees with international transfers, so the embracing of cryptos should not come as a surprise,” said Edward Moya, senior market analyst for the Americas at Oanda, in a note Monday.

 

El Salvador is looking forward to its conversations with the International Monetary Fund for a $1.3 billion extended fund facility program. It needs the amount to revive its economy from the aftermath of the pandemic. 

 

 Bitcoin was already a popular means for transactions in El Salvador.