The first country Accepted bitcoin as an official currency
In 2008, an unknown person named Satoshi Nakamoto launched the world's first cryptocurrency based on blockchain technology called Bitcoin, a gateway to a technical revolution that has so far amazed the world.
As economists predicted that Bitcoin will be an official currency in some countries, The President of The Salvador Najib Boukhehla announced in June 2021 that Bitcoin will become an official currency of the state and that he will send a memorandum to the Senate that will make Bitcoin an official currency of The Salvador along with the dollar and from then on bought in the state account more than 1000 currencies bitcoin worth more than 66 million dollars and from that time bitcoin is used in the public life of Salvador as payment of the bill of wages or the cost of a cup of cup Coffee and more than 200 ATMs were provided in the center of the capital to facilitate the use of bitcoin and after the president of Al-Saldour acknowledged the legitimacy of bitcoin can be used to pay university cuts and khumiya cuts and pay taxes as well as to pay traffic violations in bitcoin with ease.
- Motivating citizens to use Bitcoin:
After the official adoption of bitcoin as the official currency in the country, the Salvadoran government issued new laws requiring companies to accept the possibility of paying using Bitcoin when and where the technology is available. $30 worth of Bitcoin, apparently lost The Government of El Salvador succeeded in this step by making the digital wallet CHIVO common among citizens because according to the Government of El Salvador, it stated that this application broke the barrier of 2.1 active users and that this application has more users than any bank in El Salvador although CHIVO is not a bank and also stated that this application is on its way to owning more users than all banks in El Salvador
- The World Bank's failure to support the Government of El Salvador in its move:
World Bank officials said that they do not support this step taken by El Salvador due to environmental concerns surrounding Bitcoin and that cryptocurrencies are still very volatile because their prices are not fixed and may put the countries that adopt these currencies in danger on the one hand and on the other hand the illiteracy of citizens and their lack of knowledge of technical matters and how to deal with Bitcoin makes them victims of potential fraud online, and the use of Bitcoin in everyday life requires some conditions to be met, including the presence of The Internet is not available in all regions of the country.
Since the emergence of cryptocurrencies, led by bitcoin, which imposes itself day after day in the real world, it is characterized by the safety and speed of money transfer, which will make the world and countries race to adopt Bitcoin as the official currency of countries ?