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El Salvador leads the world into cryptocurrency: bitcoin legal tender

El Salvador leads the world into cryptocurrency: bitcoin legal tender

El Salvador on Tuesday became the first country in the world to adopt bitcoin as legal tender, a real-world experiment proponents say will lower commission costs for billions of dollars sent home from abroad but which critics warned may fuel money laundering. The plan spearheaded by the young, charismatic and popular President Nayib Bukele is aimed at allowing Salvadorans to save on $400 million spent annually in commissions for remittances.

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