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El Salvador on Tuesday became the first country to adopt Bitcoin as legal tender, allowing the cryptocurrency to be used in any transaction, from buying a cup of coffee to paying taxes.
The bold move, largely celebrated by the international bitcoin community, has found a more skeptical reception at home and in the traditional financial world, amid concerns that it could bring instability and unnecessary risk to the Central American country’s fragile economy.
Oscar Lopez & Ephrat Livni, “In Global First, El Salvador Adopts Bitcoin as Currency” N.Y. TIMES (September 7, 2021). https://www.nytimes.com/2021/09/07/world/americas/el-salvador-bitcoin.html