In February 2014, the world’s first Bitcoin ATM was installed in Vancouver, Canada. Since then, the number of Bitcoin ATMs has increased exponentially all over the world.
As of June 2018, there are over 2,000 Bitcoin ATMs spread across 74 countries.
One country that is often left out of the global Bitcoin ATM conversation is El Salvador. The Central American country has a population of over 6 million people and a GDP per capita of $5,700. So, did El Salvador adopt Bitcoin?
The answer is a resounding yes! In fact, El Salvador is the first country in the world to officially adopt Bitcoin as legal tender. On June 9th, 2021, El Salvador’s President Nayib Bukele announced that Bitcoin would be legal tender in the country starting on July 1st, 2021.
This move makes El Salvador the first sovereign nation to adopt Bitcoin as legal tender. President Bukele made the announcement during the MiamiBitcoin Conference.
He stated that: “The US has had its printing press for the dollar for more than 200 years. Other countries have had their own printing presses, but nobody has had their own cryptocurrency until now.”.
El Salvador’s President also believes that Bitcoin will help boost economic activity in his country and reduce poverty levels. He sees Bitcoin as a way to attract foreign investment and create more jobs.
The plan is to use some of the country’s reserves to buy Bitcoin and then use it to build up infrastructure projects.
Critics of the move say that it could lead to financial instability and higher inflation levels. They also argue that most people in El Salvador don’t even have access to a bank account or the internet, so how can they be expected to use Bitcoin?
Supporters counter these arguments by saying that this move will increase financial inclusion in El Salvador and help reduce corruption levels. They also point out that many people in developing countries are already using cryptocurrencies like Bitcoin to send money back home to their families.
So far, there has been no word on how other Central American countries will react to El Salvador’s decision to adopt Bitcoin as legal tender. However, it is likely that they will closely monitor the situation before making any decisions of their own.
only time will tell if El Salvador’s decision to adopt Bitcoin as legal tender will be a success or a failure. However, it is definitely an interesting experiment that is worth paying attention to!.