El Salvador Buys 400 Bitcoin Ahead of Nationwide Adoption

El Salvador today has become the first country in the world to adopt bitcoin (BTC) as an official coin and the third one to buy bitcoin as the nation and the first-ever country to airdrop bitcoin to citizens.

Also ReadTwitter, Reddit Users Pump Bitcoin Price Ahead of El Salvador's Adoption

Bitcoin Is Officially A Legal Tender in El Salvador

El Salvadorian maverick president, Nayib Bukele, believes that making bitcoin an official legal tender will have a positive effect on the economy as it will help the country evade US sanctions.

Since June, the Latin American country began to install 200 government-backed Bitcoin ATMs to allow citizens to convert the token into US dollars via a government-issued digital wallet without paying commissions.

^{Contactless ATM machine for payment by Bitcoin cryptocurrency. Concept pay mobile phone. (Source: Shutterstock)}

El Salvador Buys 200 Bitcoin

Ahead of world-first adoption, El Salvador purchased another 200 BTC, which is worth almost $21 million at the time of writing), as Bukele announced in a tweet stating:

Now El Salvador, which owns 400 BTC, has also issued a national crypto wallet, dubbed as Chivowallet, which would be available in Apple's App Store, Google's Play Store, and Huawei AppGallery soon.

This latest purchase of Bitcoin comes as part of that latest $150 million funds the government allocated to convert Bitcoin to US dollars.

Excited Salvadorians are currently urging the tech giants to release the app already!

Support from Crypto Community

Twitter and Reddit users have raced to show support for El Salvador on social media calling on other users to buy fractures of BTC as small as $30 on Sep 7 to mark bitcoin becoming an official legal tender in El Salvador.

However, despite all the praise by the crypto community, International bodies like The World Bank and The International Monetary Fund (IMF) have warned against such a move.