El Salvador becomes first country to adopt bitcoin as national currency

·         El Salvador has become the first country in the world to accept bitcoin as legal tender.

·         The government of El Salvador claimed that the move would give many citizens of the country access to bank services for the first time. Furthermore, trading in cryptocurrency will help the country save about $400 million in fees that are levied by banks and financial institutions on money sent home by expats.

Important facts

About El Salvador

v  El Salvador, officially the Republic of El Salvador, is a country in Central America. It is bordered by Honduras to the northeast, Guatemala to the northwest, and the Pacific Ocean to the south.

v  Capital: San Salvador

v  President: Nayib Bukele