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El Salvador approves Bitcoin as legal tender

El Salvador approves Bitcoin as legal tender

  • El Salvador became the first country in the world to adopt bitcoin as legal tender
  • In practice, El Salvador does not have its own currency.
  • The country was officially ‘dollarized’ in 2001 and runs on the monetary policy of the US Federal Reserve


  • It is a type of cryptocurrency
  • Cryptocurrency is a specific type of virtual currency, which is decentralized and protected by cryptographic encryption techniques.
  • Bitcoin was introduced in 2009 after Global Financial Crisis .2007/08.
  • Ex. of cryptocurrency -- Bitcoin, Ethereum, Ripple etc.
  • Bitcoin is based on an open-source protocol and is not issued by any central authority.
  • Bitcoin is generated by a process called MIning which is done by solving a difficult mathematical puzzle.
  • All the transactions made in a publicly available, open ledger, in an anonymous and an encrypted form called a blockchain.
  • Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network