Bitcoin Becomes El Salvador’s Fiat Currency and Its Exchange Rate with the U.S. Dollar Is Determined by the Market

El Salvador’s Congress approved the president’s proposal for bitcoin on Wednesday, making the country the first in the world to make bitcoin legal tender, according to Golden 10 Data. Bitcoin will become legal tender in the country starting Sept. 7, and its exchange rate with the U.S. dollar will be determined by the market. El Salvador’s president said the government and central bank do not currently hold any bitcoin. Brandon Thomas, a partner at consulting firm Grayline Group, said, “Whether this becomes a trend that then turns into a snowball or is just a flash in the pan, we’ll only know through history.”

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