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Tokyo Olympics 2020 officially started on 23rd July amid Covid restrictions and after year-long delays. The key event began with a dazzling opening ceremony with 206 participating nations joining the celebrations with a parade of athletes.<\/p>\n

A South Korean broadcaster used an image to represent each country and for El Salvador, they used Bitcoin\u2019s<\/a> image. The broadcaster\u2019s use of Bitcoin to represent El Salvador signified that the Latin American nation is recognized as a Bitcoin state world over.<\/p>\n

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The small Central American nation created history in June this year after it passed<\/a> a bill to make Bitcoin a legal tender. El Salvador became the first nation in the world to make Bitcoin a legal tender in hopes of banking the unbanked, as 70% of its population don\u2019t have access to banking facilities. The country is currently working on technical implementation and building infrastructure to incorporate Bitcoin\u2019s use.<\/p>\n

El Salvador Citizens Protest Against Bitcoin Bill<\/h2>\n

El Salvador President Nayib Bukele has been at the forefront of Bitcoin adoption who has launched the national Bitcoin wallet<\/a> program and also airdropped $30 worth of BTC for every adult citizen to promote its use. The president is also in talks with the country\u2019s geothermal plants running on volcanic energy to make way for clean Bitcoin mining<\/a>. However, despite Bukele\u2019s efforts towards building the first Bitcoin state, the bill has faced a lot of backlashes. A significant section of the country\u2019s population beleive Bitcoin\u2019s volatility could prove to be a bane for people living on minimum wage.<\/p>\n

First, IMF<\/a> and then JP Morgan<\/a> also sounded a warning against the use of Bitcoin as a legal tender. A significant section of the Salvadoran population is also reportedly unhappy with the new Bitcoin law. Just a couple of days back a small group consisting of leftist unions, student associations, and a few others protested outside the country\u2019s parliament.\u00a0 A recent study conducted by the UGF group<\/a> indicated 77% of the Salvadoran population are unhappy with the new Bitcoin law.<\/p>\n

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Disclaimer<\/span><\/p>\n

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div>\n

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About Author<\/span><\/p>\n

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An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies. <\/p>\n<\/p><\/div>\n

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