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Money Bitcoin Over $ 35,000: El Salvador makes Bitcoin as the first country to the legal tender

21:55  09 june  2021
21:55  09 june  2021 Source:   finanzen.net

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El Salvador made the controversial crypto currency Bitcoin as the first country worldwide the legal tender.

Parliament voted in the night of Wednesday with a broad majority for a corresponding proposal by President Nayib Bukele. "This will bring financial inclusion, investment, tourism, innovation and economic development for our country," tweeted bukele shortly before the vote in the Congress, which is controlled by his party and allies. The proposal received 62 of 84 possible votes and will be implemented within 90 days.

70 percent of the population of the Central American country, according to official information, no bank account. "But almost all have a mobile phone and can connect to the financial system via an app," said Spyros Galanis from the Department of Economics at the City, University of London. "On the other hand, the extreme price volatility of Bitcoin can not do it unsuitable for people who are relatively poor and do not want to take excessive risks."

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With the recognition of Bitcoin as a means of payment, the Salvadorians living abroad should also be relieved to send money to their families in the home. So far, the transfers are lost "a large part of these six billion dollars on mediators," Bukele said recently. According to the World Bank, the transfers from abroad make up almost a fifth of gross domestic product - one of the highest odds in the world. Experts warn that the Bitcoin Decision could complicate the discussions with the International Monetary Fund (IMF). El Salvador wants to lend there more than a billion dollars.

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Video: World premiere: Bitcoin Official means of payment in El Salvador (AFP)

Bitcoin is a purely digital currency that will send money in seconds and anonymously around the globe. Unlike euros or dollars, there is no central bank behind her. Therefore, the course alone is the result of supply and demand. The Cyber ​​motto, which exists since 2008, is controlled by the community of its users. All transactions are encrypted in a common database, the so-called blockchain, book-proof.

Bitcoin increases over $ 35,000

The Bitcoin has made a good part of his significant losses on Wednesday on Wednesday. In the daylight, the most important digital currency, the most significant digital currency on the trading platform Bitstamp rose by about six percent to $ 35,450. Still on Tuesday she was clearly under pressure and slipped to less than $ 32,000. The record high of mid-April at just under $ 65,000 remains clear out of range.

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compared to other crypto currencies such as Ether , XRP or Dogecoin recovered significantly stronger to the bitcoin for the weekend. One reason was that the small Central American country El Salvador wants to introduce the first state of the World Bitcoin as a legal tender. A corresponding bill was launched.

Krypto expert Timo Emden described the step as a field trial, which is bold and innovative on the one hand. On the other hand, the initiative could also be described as NAIV. "Rather than stirring the advertising drum for the Crypto industry tends to be insignificant, this attempt has not been present so far." It is difficult to imagine that the introduction of the Bitcoin will be fashionable as a legal tender in the coming years.

Many professionals and central bankers speak of digital currencies such as Bitcoin their cash function. As a substantial reason, the partly extreme variability of many crypto values, which has only been demonstrated on Tuesday again: Numerous digital currencies were collapsed within a short time percentage double-digit.San Salvador (Reuters) / Frankfurt (DPA-AFX)

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