El Salvador on Tuesday becomes the first country in the world to accept bitcoin cryptocurrency as an official tender.
At three minutes to midnight local time, El Salvador’s President Nayid Bukele tweeted that the country was about to “make history” with the move, after previously confirming that it had purchased 400 Bitcoins, the equivalent of around $20.5 million at today’s prices.
The government of El Salvador bought at least 200 bitcoins on Monday, ahead of the country officially recognizing bitcoin as a form of legal currency on Tuesday.
The recent purchase brings El Salvador’s total holding to at least 400 bitcoins, worth roughly $20.5 million in crypto-based on Tuesday morning’s price.
“El Salvador just bought 200 new coins,” President Nayib Bukele tweeted on Monday night. “We now hold 400 #bitcoin #bitcoinday”
El Salvador’s legislature voted in June to make bitcoin legal tender.
The digital currency will be used alongside the U.S. dollar, the nation’s official currency.
The World Bank in June rejected the government of El Salvador’s request to help the government implement bitcoin, citing environmental and transparency concerns.
The government will provide a bitcoin wallet, called Chivo, which will be pre-loaded with $30 in digital currency for users who’ve registered with a Salvadoran national ID number.
“Businesses will be required to accept the digital coin in exchange for goods and services and the government will accept it for tax payments,” Bloomberg notes.
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