SAN SALVADOR, Sept 8 — El Salvador yesterday became the first country to embrace bitcoin as legal tender, with consumer demand crashing its brand-new cyber “wallet” system even as the currency’s value seesawed against the US dollar.
While made possible by a law promulgated in June, in practice few people could make use of the new system on launch day. “We have disconnected it while we boost the capacity of the image capture servers,” Bukele tweeted in the morning, urging “a bit of patience” from those keen to join the experiment.‘Don’t want that bitcoin’
The government got the ball rolling, buying its first 400 bitcoins Monday, followed by another 150 yesterday, for a total value of US$26 million. “It’s this volatility that has made many in El Salvador less than optimistic about the currency’s adoption,” said Susannah Streeter, a markets analyst with Hargreaves Lansdown.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
El Salvador president unveils 200 bitcoin buy, price jumps | Malay MailSAN SALVADOR, Sept 7 — El Salvador has bought its first 200 bitcoins, President Nayib Bukele said yesterday, an announcement that sent the price of the cryptocurrency rising one day before the country formally adopts it as legal tender alongside the US dollar. Bitcoin temporarily climbed 1.39 per...
Source: malaymail - 🏆 1. / 86 Read more »
In world first, bitcoin becomes legal tender in El Salvador | New Straits TimesSAN SALVADOR: El Salvador on Tuesday became the first country to introduce bitcoin as legal tender, with high demand forcing a freeze of its online cyber 'wallet' system on Day 1.
Source: NST_Online - 🏆 17. / 53 Read more »
In world first, bitcoin becomes legal tender in El Salvador | New Straits TimesSAN SALVADOR: El Salvador on Tuesday became the first country to introduce bitcoin as legal tender, with high demand forcing a freeze of its online cyber 'wallet' system on Day 1.
Source: NST_Online - 🏆 17. / 53 Read more »
El Salvador president unveils 200 bitcoin buy, price jumps | Malay MailSAN SALVADOR, Sept 7 — El Salvador has bought its first 200 bitcoins, President Nayib Bukele said yesterday, an announcement that sent the price of the cryptocurrency rising one day before the country formally adopts it as legal tender alongside the US dollar. Bitcoin temporarily climbed 1.39 per...
Source: malaymail - 🏆 1. / 86 Read more »
Bitcoin, world’s first and biggest cryptocurrency | Malay MailLONDON, Sept 7 — Bitcoin, which struck a world first today by becoming legal tender in El Salvador, has been on a roller-coaster ride since becoming the first cryptocurrency 13 years ago. Following wild price swings, bitcoin has over the past year increasingly won support from small and...
Source: malaymail - 🏆 1. / 86 Read more »