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As of 7 September 2021 El Salvador will become the first country to adopt the bitcoin as legal tender to be accepted in payment along with U.S. dollar notes.
In 2001 a fixed rate of 8.75 Salvadorian colones to dollar was established, and U.S dollar notes became legal tender. The Central Bank ceased to issue banknotes denominated in colones, and by 2004 local notes practically disappeared from circulation.
Platforms will be established where citizens can obtain electronic wallets called “chivo”. Each person opening an electronic wallet will receive a $30 bonus.
A convertibility fund of USD150 million has been created, which is administered by the Banco de Desarrollo de El Salvador. The Bank will have the functions of a Currency Board, guaranteeing the convertibility between dollars and bitcoin.
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