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El Salvador became the first country in the world to use bitcoin as legal tender, after having been adopted as such by the Legislative Assembly of El Salvador in 2021. It has been promoted by Nayib Bukele, the president of El Salvador, who claimed that it would improve the economy by making banking easier for Salvadorans, and that it would encourage foreign investment.
Users. 30 million (as of 2024) G2A.COM Limited (commonly referred to as G2A) is a digital marketplace headquartered in the Netherlands, [ 1][ 2] with offices in Poland and Hong Kong. [ 3][ 4] The site operates in the resale of gaming offers and others digital items by the use of redemption keys. G2A.COM’s main offerings are game key codes for ...
The Bitcoin Law [6] (Spanish: Ley Bitcoin, pronounced [ˈlej biðˈkojn]) [7] was passed by the Legislative Assembly of El Salvador on 8 June 2021, giving the cryptocurrency bitcoin the status of legal tender within El Salvador after 7 September 2021. [8] It was proposed by President Nayib Bukele. The text of the law states that "the purpose of ...
Bitcoin City. / 13.250°N 87.833°W / 13.250; -87.833. Bitcoin City is a planned smart city project in La Unión, El Salvador. The planned city is intended to be a tax haven, and to use geothermal energy to power Bitcoin mining. The feasibility of its reliance on both geothermal energy and Bitcoin have been the subject of criticism ...
The adoption has been criticized both internationally and within El Salvador. [4] [114] In particular, in 2022, the International Monetary Fund (IMF) urged El Salvador to reverse its decision. [115] As of 2022, the use of Bitcoin in El Salvador remains low: 80% of businesses refused to accept it despite being legally required to. [116]
El Zonte is a town in La Libertad Department in El Salvador.A popular tourist destination, El Zonte has been described as a "world surfing mecca". [1] Playa El Zonte (English: El Zonte Beach; nicknamed Bitcoin Beach) became one of the first locales in El Salvador to accept Bitcoin as a payment method, and inspired the country's adoption of Bitcoin as a legal tender.
Exports in 1999 grew 1.9% while imports grew 3%, narrowing El Salvador's trade deficit. As in the previous year, the large trade deficit was offset by foreign aid and family remittances. Remittances are increasing at an annual rate of 6.5%, and an estimated $1.35 billion will enter the national economy during 1999.
On 1 June 2021, El Salvador President Nayib Bukele announced his plans to adopt bitcoin as legal tender; this would render El Salvador the world's first country to do so. [159] On June 7, 2021, United States Justice Department recovered $2.3 million worth of bitcoin paid by Colonial Pipeline to a criminal cyber group in cyber-security ransom ...