TL;DR Breakdown
- El Salvador is the first country to step forward in crypto acceptance.
- The Salvadorian Legislative Assembly is already drafting new legislation for Bitcoin.
- El Salvador President seeks to remove all the environmental concerns of BTC mining.
Bitcoin, a cryptocurrency that was established in the year 2009 has gradually become the biggest digital asset in the entire world, and this something that wasn’t expected from the onset. The first country to recognize Bitcoin as legal tender is El Salvador. The Central American country has initiated a huge step towards crypto adoption. The President of El Salvador, Nayib Bukele first made his decision known to the entire world in a press conference in Miami.
Thereafter, in the session of the Salvadorian Legislative Assembly, the legislation regarding the establishment of Bitcoin as legal tender was passed owing to the President’s strong approval rating of 90% and his majority in Congress. This led to new regulations and methodology being formed for proper regulation and Bitcoin as the legal tender.
Bitcoin’s legalization added fuel to the fire in El Salvador
Bitcoin’s acknowledgment as a legal tender helped people understand the importance of Bitcoin and businessmen were the first to capture the moment. On the 9th of June, the legal tender was passed. The President was swift to his decisions when he entrusted the task of finding a way to power Bitcoin mining using the country’s strong geothermal reserves to the state-owned geo-electricity producer, LaGeo.
This natural form of non-renewable energy would solve the environmental issues that were associated with Bitcoin mining. This form of Bitcoin mining is considered to be a hindrance in the growth of Bitcoin as pointed out by billionaire Elon Musk. Within a day, the officials of LaGeo under the leadership of their President drilled a geothermal well that will be responsible for powering Bitcoin mining.
The energy from the volcanoes of El Salvador will be used to generate 95 MW of electricity that will be 100 percent clean and free from any kind of emissions. This removes all the complexities that were put forth by the likes of Elon Musk. Furthermore, the drilling operation was made possible because of the $150 million-trust that was put into effect by Bandesal bank of El Salvador.
According to the new law, all the protocols related to money in the fiat USD can now be paid with the help of Bitcoin. This is certainly one of the biggest revolutions in the world of cryptocurrency.
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