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21 September 2021

How El Salvador Has Become A Bitcoin Pioneer

How El Salvador Has Become A Bitcoin Pioneer

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In recent months, the Central American country of El Salvador has made news headlines around the world following their announcement to make bitcoin legal tender, becoming the first country to do so.

In addition to the implementation of the legislation making bitcoin legal tender, El Salvador has also announced that they will be mining for bitcoin in an environmentally friendly manner.

By taking advantage of the untapped geothermal energy produced from the country’s volcanoes, El Salvador is seeking to benefit from an economic boost through bitcoin mining.

This article will focus on the introduction of bitcoin as legal tender, as well as the environmentally friendly mining process, and how they both have potential to benefit El Salvador.

On June 8, 2021, El Salvador became pioneers in the world of Bitcoin by passing their “Ley Bitcoin” (Bitcoin Law) through congress, resulting in bitcoin becoming legal tender in the Central American country as of September 7, 2021.

Inevitably however, despite dispelling the fear from the potentially harmful environmental impact bitcoin mining may have, the promotion of bitcoin through the Bitcoin Law has led to skeptics calling out the passing of this law as a gamble, with many believing that the country will now become a haven to money laundering and other types of financial crime.

Temporarily excluding the benefit of geothermal energy powering the mining for bitcoin in El Salvador, which will be mentioned later in this article, the main ways in which the new legislation has potential to benefit El Salvador is by attracting new foreign investment and the removal of dependency on USD.

While this has led to miners selling their equipment or moving overseas to continue their practice elsewhere, a country which has come to receive praise in recent times for their eco-friendly bitcoin mining is El Salvador.

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