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Bitcoin’s Price Has Risen Significantly Since Legalization in El Salvador

Bitcoin, the world’s best-known cryptocurrency, has resumed growth bringing its market capitalization to $ 1 trillion according to Coindesk. This has happened after Bitcoin legalization in El Salvador.

El Salvador is the first

 El Salvador became the first country in the world to legalize the use of the cryptocurrency bitcoin as a means of payment. The law was supported by 63 votes in Congress.

The President of El Salvador, Nayib Bukele, proposed to legalize cryptocurrency. He believes this will help the citizens of the country living abroad to make money transfers to their families.

No risks

El Salvador’s main currency is dollar, and the country’s economy is heavily dependent on remittances from abroad.  Bukele stressed that the use of bitcoin will not pose any risks. According to the President, the state will guarantee the conversion of cryptocurrency into the exact amount in dollars at the time of each transaction.

Renewable energy – for cryptomining

The Republic of El Salvador is also planning to mine the cryptocurrency Bitcoin using the energy of volcanoes. The Bybit cryptocurrency exchange has announced that it is hiring a volcanologist to study the possibility of using the country’s renewable energy sources for this purpose.

You can check the information here for the latest news on cryptocurrency.