The tiny and impoverished Central American nation became the first country in the world to adopt bitcoin as legal tender on Tuesday, allowing Salvadorans to use the cryptocurrency to buy a cup of coffee, get a haircut or even pay taxes and home loans.
To get them started, the administration of 40-year-old El Salvador President Nayib Bukele will spend more than $225 million. The plan includes a $30 credit in bitcoin to those who take up Chivo, slang for “cool,” a government-run e-wallet that can be used for purchases in bitcoin or U.S. dollars.
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