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Bitcoin transactions have risen fourfold in El Salvador during the month of May as compared to last year.
After passing the new law, El Salvador confirmed that it would mine the cryptocurrency using geothermal energy from its volcanoes.
Following the new laws, the government has attached incentives like no capital gains tax on Bitcoin and permanent residence for crypto entrepreneurs.
The World Bank isn't impressed by El Salvador's move. The international lender cited concerns over transparency and the environmental impact of Bitcoin mining.
El Salvador became the first country to make Bitcoin its legal tender. The move has kickstarted a micro-revolution with a dozen countries now considering the potential of cryptocurrencies. However, the Bitcoin hype has no borders, and the world is keenly watching how the change unfolds.
Bitcoin, in theory, offers a quick and cheap way to send money across borders without relying on traditional and often costly remittance channels. Over the last week, every day has been exceptional in the cryptocurrency world with news pouring in from all corners of the planet.
Here's a quick look at how the crypto wave is sweeping across countries, companies, while trying to transform conventional finance concepts:
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El Salvador’s Bitcoin experiment is on a roll, even if the World Bank wants no part of it
Timeline of events since El Salvador embraced Bitcoin as legal tenderPixabay
Bitcoin transactions jumped four-fold after the new law was passed
Central and Latin American countries are jumping onto crypto bandwagon after El Salvador's announcementPixabay
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El Salvador’s move is enticing its neighbouring countries to join the crypto hype
Central and Latin American countries are jumping onto crypto bandwagon after El Salvador's announcementPixabay
El Salvador wants to do Bitcoin the right way with energy from a volcano
El Salvador announced that it will use geothermal energy from volcanoes to power its Bitcoin mining operationsCoingape
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El Salvador’s love for Bitcoin has people looking to move in
El Salvador told the IMF that it will not abandon the US dollarPixabay
The El Salvador government is considering paying workers in Bitcoin
Local workers may be paid using BitcoinPixabay
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But, not everyone is on the same page — some think the move is ‘stupid’
Economist Steve Hanke says El Salvador’s move will only help criminal elements thriveAtlas Network
The World Bank wants to keep its distance and the IMF is uncertain
World Bank refuses to help with legalising Bitcoin citing environmental concernsPixabay
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Bitcoin crosses the $40K mark after its disastrous correction in mid-May
El Salvador's announcement provided temporary relief to Bitcoin's price dipPixabay