El Salvador becomes first to use bitcoin as official currency

Bitcoin gamble off to a rocky start

Pedro Gonçalves
clock • 2 min read
El Salvador on Tuesday became the first country to adopt bitcoin as an official currency

El Salvador on Tuesday became the first country to adopt bitcoin as an official currency

El Salvador has become the first country in the world to adopt bitcoin as an official currency, a historic move that was beset by teething problems, as angry protests, technological glitches and a plummet in value marked the first day of the digital experiment.

A network of cash dispensers will allow users to convert bitcoin into dollars free of commission, backed by a $150m government fund. Taxes may be paid in the cryptocurrency and merchants must accept it...

To continue reading this article...

Join Investment week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space

  • Get ahead of regulatory and technological changes affecting fund management

  • Important and breaking news stories selected by the editors delivered straight to your inbox each day

  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts

  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on Alternatives

Richard Whitehall of Aegon UK

Aegon UK multi-assets solutions business reaches £1bn AUM

Comes two years after launch

clock 29 November 2021 • 1 min read
Bitcoin accounts for 42% of the $2trn cryptocurrency market

Invesco unveils physically backed bitcoin ETP

Fixed 0.99% annual fee

Pedro Gonçalves
clock 29 November 2021 • 1 min read
The launch is the first of its kind to float onto the LSE since the UK Government removed a trading suspension on SPACs after they confirm a deal

Hambro Perks launches London's first London SPAC following rule change - reports

Vehicle aims to raise up to £150m

Lauren Mason
clock 24 November 2021 • 1 min read