Bitcoin Becomes The Official Currency Of El Salvador, Paraguay And Panama Soon To Follow

President of El Salvador, Nayib Bukele makes Bitcoin the official currency (Endgadget)

JAKARTA – El Salvador made its first history as a country that accepted Bitcoin as a legal means of payment transactions. The decision was taken after President Nayib Bukele officially adopted Bitcoin in his country's finance bill.

Recently, Wikipedia has listed Bitcoin as the official currency of El Salvador in the country's profile. Bukele's decision appears to have had the approval of a majority of the Salvadoran Congress.

Launching Cryptopotato, El Salvador became the first country in the world to make Bitcoin a legal tender. The drafting of the bill takes 90 days before it is actually implemented. Traders and the general public should prepare themselves for the use of Bitcoin.

On the other hand, El Salvador has also decided to provide permanent residence or citizenship for Bitcoin businessmen who contribute to the country's economy.

The acceptance of Bitcoin in the country sparked various conversations among the crypto community. El Salvador's move was followed by another Latin American country, Paraguay. This is likely to encourage other countries to consider cryptocurrencies more deeply.

It seems that cryptocurrency has become an alternative store of value, it is also used as a hedge against hyperinflation of fiat currencies regulated by the world's central banks.

In addition, Paraguay is reportedly starting to follow in the footsteps of El Salvador. The Paraguayan government is reportedly working on a project involving PayPal and Bitcoin. It didn't stop there, Panama was also informed that it would adopt Bitcoin and Altcoins.

That means, what is going on right now is a battle between crypto and fiat money. In other words, this historic event proves the widespread acceptance of cryptocurrencies and the shock of the world's financial system.