- El Salvador bought 400 bitcoin worth about $20.9 million, one day before it formally adopts the world’s most popular cryptocurrency as legal tender.
- The announcement came as El Salvador’s bitcoin law, which was passed in June, took effect on Tuesday.
- El Salvador has launched a wallet app called Chivo which citizens can sign up to with a national ID in order to transact using bitcoin.
El Salvador bought roughly $20.9 million worth of bitcoin, one day before it formally adopts the world’s most popular cryptocurrency as legal tender.
In a series of tweets Monday, President Nayib Bukele revealed that the country had purchased a total of 400 bitcoin, the first step in a larger push to add the digital currency to its balance sheet.
The tweets were posted a few hours apart. Based on the bitcoin price at the time of the tweets, the amount of the digital coin purchased totaled roughly $20.9 million.