Wednesday, October 27, 2021

El Salvador Bought 150 more Bitcoins

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El Salvador announced that it has received 150 more Bitcoins to increase its reserves.

President Nayib Bukele announced with a tweet to the whole world that the country has increased its Bitcoin reserves which recently accepted Bitcoin as the official currency and it has mandated for all businesses to accept Bitcoin as a payment.

El Salvador, the first country to adopt Bitcoin as its official and reserve currency, now has a total of 700 Bitcoins with its most recent purchase.

Bukele suggests that immigrant employees living in the United States should send their money to their home countries by using these methods regularly, after announcing that they will be building many Bitcoin ATMs in United States in the coming days. Bukele stated that they wanted to eliminate a significant cost item. He emphasized that the commissions deducted for funds sent to El Salvador by money transfer institutions during the year were close to $400 million. The country, which offers Bitcoin payments to its citizens with the Chivo application, has also provided access to the application with only the country identification number.

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