While some countries see cryptocurrencies as a threat, El Salvador sees an opportunity for small business. Stores across the country are accepting Bitcoin.
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Lawmakers have approved a law classifying Bitcoin as legal tender, making El Salvador the first nation to officially adopt a cryptocurrency.
El Salvador plans to recognize Bitcoin as legal tender, becoming the first nation in the world to do so. The cryptocurrency could make it easier for the many Salvadorans living abroad to send money back home.
If the bill is passed, the Central American country will become the first in the world to legally accept the well-known cryptocurrency.
Bitcoin was beginning to look like a better store of value than traditional currencies — even gold — until the cryptocurrency crashed 44% last month. DW unpicks the complicated world of currencies.
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