Bitcoin as LEGAL TENDER in El Salvador: World’s 1st! Impact on US dollar? Citizenship for those who invested money, and more interesting facts about MAJOR DECISION

Cryptocurrency News Today June 10: In a landmark decision on Wednesday, El Salvador announced to adopt Bitcoin as a legal tender, which will come into effect in 90 days once bitcoin-dollar exchange rate is set by the market. Soon after El Salvador President Nayib Bukele announced that the world's top cryptocurrency will be used as legal currency in the Central American country, there is a huge debate over acceptance of cryptocurrencies. Crypto enthusiasts are hopeful that other countries may also follow El Salvador in giving legal status to Bitcoin or any other virtual currencies.  

See Zee Business Live TV Streaming Below:

Meanwhile, as El Salvador made a world's first by adopting bitcoin as legal tender after the Congress on Wednesday approved President Nayib Bukele`s proposal to embrace the cryptocurrency, several interesting facts came to the fore.  

For those who are curious about this Central American country's move should know that El Salvador does not have its own currency. Probably, hence the move.   

Now that you know El Salvador does not have its own currency, you would want to know how does it conducts its business? Well, El Salvador use US dollar to conduct its daily business. So, what will happen to US dollar now? The US dollar will also continue as legal tender in the country, El Salvador president confirmed to Reuters. Interestingly, Bukele said the government and Central Bank did not currently hold any bitcoin. 

El Salvador trust in the rank 1 coin can be gauzed from the fact that El Salvador has announced to offer citizenship to people, who showed evidence they had invested in at least three bitcoins. 

Bukele has touted the use of bitcoin for its potential to help Salvadorans living abroad to send remittances back home, while saying the US dollar will also continue as legal tender. El Salvador does not have its own currency. 

Under the law, bitcoin must be accepted by firms when offered as payment for goods and services. Tax contributions can also be paid in the cryptocurrency. "If you go to a McDonald`s or whatever, they cannot say we`re not going to take your bitcoin, they have to take it by law because it`s a legal tender," Bukele said in an online conversation he held with crypto-currency industry figures in parallel to the debate in Congress, reported Reuters.

Meanwhile, Bitcoin has recovered well after hitting nearly Rs 24,00,000 earlier this week. On Thursday (June 10), 11:55 pm, globally top-ranked cryptocurrency was trading at Rs 28,29,865 on CoinSwitch Kuber. It hit 1-day low of rS 25,78,236 and went on till Rs 28,98,200 during filing of this report.  

In India, RBI asked banks and other financial institutions to refrain from citing its 2018 circular to warn crypto traders or exchanges. It said the RBI has to come out with clarification because the Supreme Court has struck down its 2018 order.