El Salvador Begins Bulk Buying of Bitcoin Ahead of BTC Becoming Legal Tender Tomorrow – News Bitcoin News

Bitcoin will become legal tender in El Salvador on Tuesday, September 7th. The Salvadoran government has started buying Bitcoin before the law takes effect. The first 200 coins have been purchased and there are “many more” to come, said President Nayib Bukele.

El Salvador begins mass purchasing of Bitcoin before Bitcoin becomes legal tender

El Salvador's President Nayib Bukele announced on Monday: "El Salvador has just purchased its first 200 coins. Our brokers will be purchasing many more as the deadline approaches." At the current one BTC Priced at $51,691, the 200 Bitcoins are worth about $10.34 million.

Bukele also tweeted: “Tomorrow all eyes of the world will be on El Salvador for the first time in history.” The country's Bitcoin law, passed in June, comes into force on Tuesday September 7th. This means that Bitcoin will become the country's legal tender alongside the US dollar. The government recently published a video explain what to expect.

In preparation for Bitcoin becoming legal tender, El Salvador's Congress passed a law on August 31 to create a $150 million fund to facilitate the exchange of Bitcoin for US dollars. Money for the new fund will be redirected from the Treasury Department's current budget and managed by the state-owned Development Bank of El Salvador.

Meanwhile, a growing number of Bitcoin supporters are planning to do so buy $30 worth from BTC to show their support for El Salvador's Bitcoin law. $30 is also the amount President Bukele promised to anyone who uses the government's Bitcoin wallet, Chivo.

Some people plan to spend more than $30. Tahini's Restaurant, for example, said it will “buy $300 hourly tomorrow” in support of El Salvador’s Bitcoin law.

According to Bukele, about 200 ATMs and 50 bank branches will be installed in different parts of the country with the government's Chivo wallet, where users can deposit and withdraw money without commission.

However, not everyone is interested in Bitcoin becoming legal tender in El Salvador. A recent one National survey shows that seven out of 10 Salvadorans want the Bitcoin law repealed and up to nine out of 10 respondents do not have a clear understanding of what Bitcoin is.

What do you think about El Salvador buying a lot of Bitcoin and making the cryptocurrency legal tender? Let us know in the comments section below.

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