El Salvador President Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of the Tuesday rollout of a new law set to make the cryptocurrency legal tender. “Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Tuesday, Sept. 7, timetable for fully implementing the new BTC legislation. El Salvador has just bought it’s first 200 coins. Our brokers will be buying a lot more as the deadline approaches.#BitcoinDay #BTC — Nayib Bukele (@nayibbukele) September 6, 2021 The purchase is part of a new $150-million Bitcoin fund …

With less than a week to go before El Salvador's Bitcoin Law takes effect on Tuesday, the majority of citizens surveyed are opposed to the government-mandated adoption of the cryptocurrency. A survey conducted by the local Central American University’s Institute of Public Opinion found that 70% of Salvadorans believe President Nayib Bukele’s Bitcoin Law, which will recognize the cryptocurrency as legal tender, should be repealed. However, more than 90% of those surveyed also admitted they have a poor understanding of cryptocurrency. El Salvador’s struggling economy Attitudes toward the Bitcoin Law appear intertwined with worries over the country’s poor economic performance. …

Bitcoin (BTC) failed to break the critical $50,000 psychological barrier on Aug. 23 and has since then retested the $47,000 support. If historical data plays any role in Bitcoin price, the month of September presented negative performances in 4 of the previous 5 years. Cointelegraph contributor and market analyst Michaël van de Poppe recently said that Ether's (ETH) break above $3,500 could be a leading indicator for Bitcoin's next bull run, and now that Ether trades at $3,700, traders anxiously await BTC's next move. Bulls could be excited for El Salvador's Bitcoin Law, which is scheduled to take effect on …

A Salvadoran news outlet has reported that a computer and cryptocurrency expert critical of the country accepting Bitcoin as legal tender was arrested by local police and held for hours before being released. According to multiple interviews conducted by La Prensa Gráfica, police in San Salvador arrested computer specialist Mario Gómez Wednesday without a warrant, seizing his phone and attempting to take possession of a computer from his mother Elena de Gomez. The National Civil Police, or PNC, released a statement saying Gómez’s detainment was related to an investigation for financial fraud. Otto Flores, Gómez’s lawyer, said authorities released Gómez …

El Salvador’s Legislative Assembly has passed legislation creating a $150-million Bitcoin Trust and supporting the development of crypto infrastructure and services across the country. The bill passed on Tuesday, with 64 officials voting in favor and 14 opposing the trust’s creation. The trust is designed to facilitate the conversion of Bitcoin (BTC) into United States dollars and support the rollout of vital technological infrastructure enabling widespread adoption of crypto assets. The news comes just one week before the country’s controversial Bitcoin Law is set to take effect. The impending legislation will recognize BTC as legal tender across El Salvador and …

Amid El Salvador preparing to officially enforce the country’s Bitcoin Law in early September, Salvadorans took to the streets to protest over the adoption of Bitcoin (BTC) as an official currency. El Salvador’s anti-Bitcoiners have expressed discontent regarding the government’s plans to adopt Bitcoin as legal tender, with hundreds of protesters marching through the capital, San Salvador, last Friday, Euronews TV network reported. The demonstrators — including retirees, veterans, disability pensioners and workers — voiced their concerns over Bitcoin’s unstable price. The crowd was worried that the government would start paying their pensions in Bitcoin instead of the United States …

The Central American Bank for Economic Integration (CABEI) has identified remittances as an important aspect of El Salvador’s Bitcoin (BTC) adoption policy. According to Reuters on Tuesday, the regional development bank expects other Central American nations to pay close attention to Bitcoin’s impact on remittance costs in El Salvador. Speaking to Reuters, Dante Mossi, executive president of CABEI, stated that neighboring countries will be incentivized to follow El Salvador’s example if Bitcoin offers significant cost reduction in the remittance market. The CABEI executive described El Salvador’s Bitcoin adoption policy as an “out of this world experiment” that could foster greater …

Nayib Bukele, the president of El Salvador and the principal figure behind the country’s adoption of Bitcoin (BTC), said residents will have the opportunity to convert their crypto to fiat immediately after Bitcoin is recognized as legal tender. In a Sunday announcement on Twitter, Bukele said 4.5 million adults in El Salvador would have the option of HODLing their Bitcoin once the country officially accepted the cryptocurrency as legal tender or “withdraw[ing] it in cash at any of the 200 ATMs.” According to the El Salvador president, there will also be 50 branches capable of withdrawing or depositing fiat for …

The central bank of El Salvador, Banco Central de Reserva (BCR), has published draft regulations on how banks should handle Bitcoin. Two documents were released for consultation on Aug. 17 instructing banks and financial institutions how to offer Bitcoin-related services to their customers. The first, titled “Guidelines for the Authorization of Operation of the Digital Wallet Platform for Bitcoin and Dollars” (in Spanish), defines BTC as legal tender according to the recently drafted Bitcoin Law which was passed by El Salvador’s legislature on June 9 and will see the country formally adopt the digital asset on September 7. The second …

Fitch Ratings has become the latest global credit rating agency to warn El Salvador against adopting Bitcoin (BTC) as legal tender, expressing concerns that crypto assets could cause systemic risks for the Latin American nation. Citing the country’s lack of clarity in Bitcoin’s implementation in mainstream markets, Fitch Ratings warned about the inherent volatility and operational risks for citizens associated with the crypto ecosystem. In addition, the agency pointed out El Salvador’s ongoing exposure to low credit quality securities, stating that “additional holdings of high-risk assets will only compound this risk.” In early June, the Salvadoran Legislative Assembly passed President …

Bank of America, one of the nation’s largest financial institutions based on total assets, believes El Salvador could have a lot to gain with its latest foray into Bitcoin (BTC). In a report published last week, analysts at the bank said El Salvador’s decision to recognize BTC as legal tender could streamline remittances, promote financial digitization, provide consumers with greater choice, and open up the country to American firms and digital currency miners. The bank noted that remittances account for a staggering 24% of El Salvador’s gross domestic product, but a sizable chunk of that goes toward transaction fees. “Using …

The International Monetary Fund, or IMF, plans to “step up” its monitoring of digital currencies, according to a report by Reuters. This intent, as published in an IMF paper Thursday, details how the fund plans to “manage this far-reaching and complex transition” toward a digitized economy. “Rapid technological innovation is ushering in a new era of public and private digital money,” the report reads, highlighting the benefits of digital assets. “Payments will become easier, faster, cheaper, and more accessible, and will cross borders swiftly. These improvements could foster efficiency and inclusion, with major benefits for all.” Related: IMF plans to …