Crypto Trading: This Country Becomes First In The World Adopt Bitcoin As Official Currency

Now, payments made in dollars in the country can now be made with bitcoin too.

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New Delhi: There is a huge interest in cryptocurrencies all over the world. Now there is a country that has given nod to cryptocurrency - Bitcoin - as legal tender. This country is El Salvador. Let us tell you that no country has so far given Bitcoin the status of a valid currency. But, now El Salvador has officially become the first country in the world to recognize Bitcoin as a legal currency.  

This was reported by El Salvador's President Nayib Bukele in a tweet. He said the country has now purchased 400 bitcoins with a market price of $20 million.

If El Salvador's experiment turns successful, other countries can follow suite and give bitcoin legal validity. For the first time, any citizen will be given $ 30 currency and its information will be registered in the National ID of El Salvador. At the same time, no capital gains tax will be levied on it once it becomes a legal currency. Now, payments made in dollars in the country can now be made with bitcoin too.

Experts Welcome Decision

Many experts believe that when bitcoin is recognized as an official currency, economic agents should start taking payments in bitcoin. It will also promote the technology. Significantly, the cryptocurrency craze has increased a lot in many countries of the world. Its craze has increased rapidly in India as well. The decision of RBI to ban cryptocurrencies in the country was rejected by the Supreme Court of the country.