Bitcoin is an official payment method in this country

Good news for cryptocurrency in general. There is a country that accepts Bitcoin as an official means of payment.

In Europe you can pay with euros in most countries. However, the ‘world currency’ is the US dollar. At least, in most countries they will accept this currency if you really don’t have anything else in your pocket. This is certainly the case in countries in Africa or South America. In those countries there are also often inflation problems with their own currency.

It is therefore no surprise that a South American country accepts Bitcoin as an official means of payment. This is about El Salvador. The country has passed a law that makes this possible. This is a first for them. No other country in the world accepts Bitcoin as a common currency like the euro or dollar.

It is an important development for El Salvador. Not every resident can open a bank account just like that. With Bitcoin, these people have access to their own bank. Of course, the cryptocurrency is heavily developed due to price fluctuations. You cannot call it a stable currency.

In any case, it is good news for Bitcoin. The cryptocurrency is on the rise again, after previous recent declines. Perhaps other countries will follow El Salvador’s example. (via The Guardian)