Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
El Salvador has officially become the first country in the world to adopt Bitcoin as legal tender.
A law outlining the proposals, introduced by President Nayib Bukele, passed with a “supermajority,” attracting 62 out of 84 votes.
Under the so-called Bitcoin Law, merchants must accept Bitcoin as well as U.S. dollars — and they’ll be expected to present prices for goods and services in both currencies. The government is going to be releasing an official crypto wallet for consumers to use, but they can rely on private providers if they prefer.
Permanent residency is going to be available for those who invest 3 BTC in the country, and now, a 90-day implementation period has begun.
As the 90-day implementation period begins, the president has asked a state-owned geothermal electric company to examine plans “to offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, zero-emissions energy” — from its own volcanoes.
Unsurprisingly, reaction from regulators hasn’t been overwhelmingly positive. One executive at the Bank for International Settlements has called El Salvador’s move an “interesting experiment” — but warned that BTC hasn’t passed the test of being a means of payment. The International Monetary Fund has also warned the decision could have significant legal and financial ramifications.
El Salvador’s plans were first announced during a keynote speech at Bitcoin 2021 in Miami, but the markets appeared to pay little notice.
Things changed on Wednesday — the day Congress passed the legislation. Bitcoin…