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An unprecedented step... The first country to adopt Bitcoin as a legal currency

11.06.2021 09:32 AM
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An unprecedented step... The first country to adopt Bitcoin as a legal currency
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An unprecedented step... The first country to adopt Bitcoin as a legal currency
El Salvador's parliament approved, on Wednesday, a law declaring bitcoin as a legal currency in an unprecedented move in the world supported by President Najib Bukele to boost the growth of the Central American country.

Article 1 of this provision states that “the aim of the law is to make Bitcoin an unrestricted legal currency that has the power to clear payments and is unlimited in any transaction.”

The law is supposed to be presented to the president for his signature.

Cryptocurrency market volatility
 

After a period of decline and collapse in the crypto currency market last May, the first days of June witnessed dramatic changes, coinciding with a number of happy news that returned the green arrows to the indicators to follow the movement of digital currencies.

According to the CoinMarketCap website, which specializes in analyzing digital currencies, the last seven days, until noon on Sunday, June 6, witnessed a remarkable rise in the growth of most of the famous digital currencies; the number of crypto currencies in circulation reached 10,296, with a total market capitalization of $1.645 trillion.

The “Bitcoin” currency rose by about 1.5 percent, the “Ethereum” currency rose by about 13 percent, the “Binance” currency rose by nearly 20 percent, while the “Dogecoin” rose by a value that exceeded the 20 percent threshold.

This recent and sudden rise was prompted by a number of reasons and factors, which experts and economic analysts monitored for the "Sky News Arabia" website.

Elon Musk
 

The economist adds that there are other factors that have driven the recent rise of cryptocurrencies, such as Elon Musk's post about Dogecoin; His blog included a positive reference to Dogecoin, which boosted its market value.

Also among the factors that supported the Dogecoin currency was its availability by the “Coinbase” platform last Thursday, which opens up a wider scope for it to trade, according to Maati.

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