Real OC (& SoCAL) Politics

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Bitcoin Becomes Legal Tender in El Salvador

El Salvador has become the first country to adopt Bitcoin as legal tender, a real-world experiment that proponents say will lower commission costs for billions of dollars sent home from abroad and boost financial inclusion while critics warn of risks, including around the cryptocurrency’s volatility. Lawmakers in the Central American country passed legislation in June making Bitcoin legal tender alongside the U.S. dollar, with the law taking effect on Sept. 7. The country’s president, Nayib Bukele, revealed on Twitter late Monday that El Salvador had just bought another 200 Bitcoin, bringing the country’s holdings up to 400, worth around $20.5 million at current prices. In order to smooth adoption, El Salvador has launched a Bitcoin wallet app called Chivo, which users can register for with a Salvadoran national ID number and that comes pre-loaded with $30 worth of the cryptocurrency. “The process of #Bitcoin in El Salvador has a learning curve. Every step toward …

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