Crypto Scoop: El Salvador Endorses Bitcoin As Legal Tender!

It’s been yet another exciting week in the crypto space. Here are the highlights:

• El Salvador Endorses Bitcoin as Legal Tender
• Amazon Places a Job listing for Blockchain Staffers
• Nigerian Central Bank to launch a new cryptocurrency

El Salvador endorses bitcoin as Legal Tender

El Salvador has taken the leap to being the first country in the world to endorse bitcoin as legal tender. The bill to adopt bitcoin was passed on Wednesday after 62 to 84 possible votes of the legislative members approved the President's bill to adopt the currency. Nayib Bukele, the President, noted that the bill was passed to promote financial inclusion. The President also mentioned that the country would now grant permanent residency to any foreigner who proves they have invested in at least 3btc.

Bitcoin would not be replacing the dollar as a legal tender. Still, it is now mandatory that all business and financial institutions within the country accept bitcoin. Bukele stressed that although the citizens didn't need to spend bitcoin, all businesses are mandated to accept the currency as it is a legal tender. Bukele went further to say, "If there's an ice cream parlour, he doesn't really want to take the risk; he has to accept bitcoin because it's a mandated currency, but he doesn't want to take the risk of convertibility, so he wants dollars deposited in his banking account, when he sells the ice cream, he can ask the government to exchange his bitcoin to dollars. Of course, he can also do that in the markets, but he can ask the government to do it immediately."

The President stressed that although its new adoption of bitcoin as a legal tender may raise certain issues with the International Monetary Fund (IMF), he would meet with the IMF to resolve any issuing conflicts. It is also noteworthy to mention that Bukele hinted at the government promoting bitcoin mining within its borders.

Amazon places a Job listing for Blockchain Staffers

Amazon recently posted a job listing that mentions that the company is hiring staff with experience in Decentralized Finance (DeFi). The company noted that "The candidate will have a track record delivering outstanding products at scale in emerging spaces, and is passionate about blockchain, distributed systems, and cloud-scale software." The candidate would help in developing the company's digital payment token. The new product is one of the initiatives of Amazon Managed Blockchain (AMB), which supports Ethereum.

AMB is one of the services Amazon designed to accelerate its customer's ability to create and leverage blockchain technology in improving current and innovative business applications. This initiative by Amazon emphasizes the company's interest and support in DeFi and Ethereum.

Read Also: The Future of Blockchain Technology in Africa

Nigerian Central Bank to launch a new cryptocurrency

Earlier this year, The Central Bank of Nigeria released a letter prohibiting financial institutions and banks from dealing in cryptocurrencies and facilitating crypto transactions. It noted that although crypto trading was not banned in the country, local banks should steer clear of running crypto accounts. However, a recent publication from an official of the Central Bank suggests that the country's officials might just change their stance. Rakiya Mohammed, speaking on behalf of The Central bank of Nigeria, mentioned that the institution has been researching a possible digital currency for about two years.

He stressed that before the end of the year, the nation would make an announcement that would provide the digital currency to its citizens. The central bank had been debating the best means to regulate the use of private cryptocurrencies. This is why it came as a surprise to the citizens that the nation would be releasing its own cryptocurrency. Mohammed also noted that CBN was exploring different technology options in the implementation of its digital currency. CBDC would complement the nation's fiat currency, Naira.

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