President Nayib Bukele announced late Monday that his government has purchased another 200 bitcoins ahead of El Salvador's formal adoption of the currency. El Salvador now holds 400 bitcoins, which are worth nearly $21 million at current trading levels.El Salvador is the first country to adopt bitcoin as legal tender Bitcoin will be used as legal tender in El Salvador alongside the US dollar starting on Tuesday.
Cryptocurrencies are held in digital wallets, rather than through a traditional bank account — meaning that people in poorer communities with less access to banks could use bitcoin as a way to gain increased access to their finances. However, social organizations have asked the Salvadoran government to repeal the law, largely because they fear the extreme volatility of the cryptocurrency.
SOURCE: SimplyBitcoinTV BITVOLT7
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