BTC has officially become the legal currency of El Salvador and Ethereum continues to be destroyed

On September 8th, on September 7th Beijing time and September 7th El Salvador time, the ” Bitcoin Act” of El Salvador came into effect, and Bitcoin officially became the legal tender of El Salvador. Currently, Bitcoin and the U.S. dollar are used as the legal tender of El Salvador at the same time. Residents of this country can download the government’s digital wallet for free, and the downloader will receive $30 worth of Bitcoin during the setup process. The President of El Salvador, Nayib Bukele, tweeted that El Salvador had purchased the first 200 bitcoins on the day the bill went into effect.

BTC has officially become the legal currency of El Salvador and Ethereum continues to be destroyed

ZB Research Institute believes that although El Salvador is still rejected by the World Monetary Organization due to the legalization of Bitcoin, the undisputed fact is that Bitcoin has taken the first step towards legalization. Today’s global economy must not only reconsider the issue of legal transactions in Bitcoin, but also conduct more rigorous demonstrations and reflections on the legalization of Bitcoin.

The official entry into force of the Bitcoin Act in El Salvador will also drive global cryptocurrency trading and investment. According to statistics from the China National Currency (ZB) Research Institute, ARK Trading Fund (ETF) currently holds 8,659,237 shares of Bitcoin Trust (GBTC) funds. The value is US$338,316,390. ARKW’s investment in GBTC accounts for 5.72% of the total value of the fund. ARKW’s GBTC investment is now the second largest investment in its portfolio after electric car manufacturer Tesla.

September 8 news, Ethernet Square founder Vitalik Buterin put forward ideas can be transferred NFT in the entire second floor of ecology. Some analysts believe that this is Vitalik Buterin’s move to limit the further development of Ethereum in order to solve the current rising gas fee of Ethereum. According to statistics from the China National Currency (ZB) Research Institute, on Monday alone, the Ethereum Layer 2 protocol processed approximately 250,000 transactions, which has surpassed the 210,000 transactions on the Bitcoin network.

According to the currency (ZB) Institute for Statistics, the Ethernet Square has destroyed 220,300 ETH , mean the destruction of a single block of 1.0453 ETH, destroyed nearly a week to reach 78 000 ETH, the total destruction will be close to 300,000. With the further destruction of Ethereum, excessive transaction costs will inevitably limit its further development.

On September 8th, the World Economic Forum recently released a report stating that four major factors have driven the wave of global adoption of cryptocurrencies. Central bank policies, hyperinflation and macroeconomic instability have caused legal tenders to fluctuate and depreciate relative to other global currencies; the cost of remittances in traditional payment systems is too high, 6.8% globally, and nearly 9% in sub-Saharan Africa. This may be The reasons for the increase in P2P cryptocurrency transfers; the invention and rapid expansion of stablecoins, which can be used as frictionless trading media between cryptocurrencies and legal currencies; the different applications provided by various digital assets, plus the industry is striving to become More environmentally friendly and consume less energy, prompting people to turn to the crypto market.

On September 8, the Panamanian Congressman Gabriel Silva proposed a related bill to regulate the use of cryptocurrencies across the country. According to relevant information obtained by the China Currency (ZB) Research Institute, the bill also recommends that individuals in Panama or Legal entities established in the country can freely agree to use cryptocurrency as a means of payment for any civil or commercial activities that are not prohibited by the legal system.

On September 8th, payment giant Visa plans to develop an application program (API) to connect traditional banks with encryption products. Users can directly invest in cryptocurrencies and ETFs through the banking platform without going through an intermediary. Visa also announced that it is cooperating with several national institutions to issue cryptocurrency cards, allowing users to bind cryptocurrency cards to bank accounts.


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