El Salvador Adopts Bitcoin as Legal Currency
© AP Photo / Dado RuvicA representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021
© AP Photo / Dado Ruvic
MOSCOW (Sputnik) - El Salvador adopted the digital currency bitcoin as a legal tender on Tuesday, with the government doubling its crypto reserves to 400 coins ($20 million).
"El Salvador just bought 200 new coins. We now hold 400 bitcoin," Salvadorean President Nayib Bukele tweeted.
Salvadorans had troubles installing the official Chivo wallet for storing their digital coins after the government took it offline to increase server capacity.
"A bit of patience," Bukele wrote.
The small Central American nation is the world's first to accept Bitcoin as legal currency. The government hopes to save millions a year on fees charged for sending money from abroad, mostly from the United States.