Summary: Top 5 Bitcoin-related news in El Salvador at this hour
Summary: Top 5 Bitcoin-related news in El Salvador at this hour By Angel Di Matteo @shadowargelBitcoin

is an official currency in El Salvador, businesses already receive payments with the digital currency, the government already manages reserves in BTC

… All this and much more below.

Bitcoin

is now an official currency in El Salvador

The most prominent news in many headlines was the entry into force of Bitcoin

as an official currency in El Salvador, which was scheduled after the approval of the respective bill for this September 7, which makes the Central American country the first sovereign nation to take a step of this kind.

Among all the enthusiasts who awaited with special expectation the arrival of this day, perhaps the one who stood out the most was the president of El Salvador, Nayib Bukele, who posted messages since late last night making a kind of countdown to this event, even sharing front pages dedicated to this fact by the local media

.

Named this September 7 as the Bitcoin Day”, analysts and enthusiasts project that this is one of the most important steps taken to date with respect to digital currency, which adds more pressure in the race of some nations to effectively regulate the use of Bitcoin

and major cryptocurrencies locally.

Precisely in the context of the above, yesterday Panamanian congressman Gabriel Silva introduced a bill before his country’s assembly to legally address transactions with digital assets. It is expected that other nations will follow the same path and give even more speed to this issue now that El Salvador welcomes <a href=”https://www.diariobitcoin.com/glo

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ssary/bitcoin/” target=”_blank” rel=”noopener”>Bitcoin as a legal tender.

2. Launch of Chivo Wallet for iOS, Android and Huawei.

Hand in hand with the entry into force of Bitcoin as a legal currency in El Salvador, Chivo Wallet, the official wallet sponsored by the country’s authorities to send, receive, store and make payments with both Bitcoin and U.S. dollars, is now available in the main app stores.

As a special campaign to promote the use of Chivo Wallet, the application will give users (residents of El Salvador) the equivalent of USD $30 in BTC to make purchases with the digital currency. In this way, citizens can begin to familiarize themselves with this payment method.

It is important to note that the use of Chivo Wallet is not mandatory for residents or companies in the country. Local authorities indicated that those who wish may use the digital wallet of their choice, but in the case of commercial activities, all businesses must have the ability to receive Bitcoin payments , being punishable by law those who refuse to accept the digital currency for products and / or services.

3. Businesses begin to receive Bitcoinpayments

Hand in hand with the points mentioned above, also highlights this September 7 announcements made by several local businesses in which they report that already receive payments with Bitcoin in their establishments.

Despite scepticism about the adoption of Bitcoin by large companies in Bitcoin by large companies in El Salvador, one of those who took the step forward was precisely the fast food franchise McDonald’s, which already has support for payments with the digital currency within the Central American country.

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Another that also opened this possibility today was Starbucks, enabling a special box in their franchises to receive payments with the digital currency.

Companies like Claro, Movistar, Pizza Hut and many others have also joined. It is expected that other internationally renowned companies, such as iPhone, Walmart and Nike, are also possibly making the necessary arrangements to start accepting the cryptocurrency in their headquarters within the country.

4. Government of El Salvador buys its first Bitcoin

While people are starting to use Bitcoin for their daily activities and businesses are beginning to receive payments with the digital currency, the local government is also moving forward with other plans and since yesterday began to invest capital to buy BTC.

This was announced yesterday by President Bukele, who indicated that they made a first investment estimated at about USD $10 million to acquire about 200 BTC, making it clear that they would make more purchases in the coming hours.

In a balance presented about five hours ago, Bukele reported that by that time they already had about 550 BTC, noting that part of the bitcoins were acquired during the fall that took place this September 7.

The reading of these facts also sets an important precedent for the digital currency, as El Salvador also becomes the first country to start managing part of its reserves in Bitcoin, translating into a fairly radical change of model in the face of backing in US dollars, euros or gold as nations traditionally do.

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5. BTC price falls during Bitcoin Day

Although the announcement generated a lot of expectations among enthusiasts and investors, the markets seem to have reacted unfavorably to what was expected for this Bitcoin Day, bringing with it a sharp drop in the price of the digital currency throughout the day.

As we reported in our price report published a few hours ago, the price of Bitcoin went from USD $51.065 to USD $46.393 per unit, registering losses of USD $4,600 in just one hour of morning trading. Although hhile there were some signs of recovery in the afternoon, at the time of writing the digital currency is still in the doldrums and is trading at around USD $46.623 per unit.

This shakeout also made its weight felt among the main altcoins in the ecosystem, as the most notable declines at this time include Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), Dogecoin (DOGE), Polk (BNB), XRP, Dogecoin (DOGE), Polkadot (DOT), Uniswap (UNI), Chainlink (LINK), Bitcoin Cash (BCH), Litecoin (LTC), Terra (LUNA), Internet Computer (ICP ) and many others, with reductions of 12% to 20% at the time of editing.

It is worth noting that what was seen also affected the price of Solana (SOL ), whose price fell to USD $133 at 11:00am today. By the time of editing it recovers and is again around USD $170 per unit.

With information from DiarioBitcoin

Reporting by Angel Di Matteo / DiarioBitcoin

Image by Unsplash