El Salvador is officially the first country in the world to accept Bitcoin as a legal currency. CNBC reports Bitcoin Act of the Central American nation came into force on September 7, letting Salvadorans use the cryptomon in physical and online stores. Consequently, locals can use a cloth purse application on their phones to shop and manage their funds.

The government has been determined to give itself a good start. President Nayib Bukele revealed El Salvador had bought 550 Bitcoin from this writing (around $ 26 million), and the Country Congress approved a law last week the establishment of a fund of $ 150 million for Bitcoin Aid Conversions A US dollars (also accepted in El Salvador).

Bukele previously claimed that the measure does not only promote investment, tourism and economic development in general, but would make the financial system of El Salvador more inclusive courting 70 percent of residents who do not have bank accounts. It is also a recognition of the country’s financial reality. Its economy is based in part on the remittances of migrants, and streamlines Bitcoin theoretically those transfers.

Not everyone is delighted with the decision, however. Cointelegraph noted that some Salvadorans have protested Bitcoin’s adoption, with the argument that politicians did not consult with the public. They are also concerned about the volatility of Criptomoneda could suppose a serious risk next to the relative stability of the US dollar. Reuters added that briefly the police carried out an open critic of the Bitcoin law, Mario Gómez. The authorities said that he was related to a financial fraud investigation, but the supporters were concerned that this was an act of intimidation destined to silence political opposition.

We can not count on other countries by land to join El Salvador. Countries such as the US They are exploring Cryptocurrencies from the central bank, potentially more stable and easily regulated Bitcoin. Other countries are hostile. China banned many companies and institutions of manipulation cryptomoned, and India has looked at the prohibition of private currencies. There is also the simple question of the variation of economic conditions. Bitcoin Successful Adoption in El Salvador would not guarantee success in other places – Other countries may have little or nothing to embrace digital money.