El Salvador accepts bitcoin – level 3
Lawmakers in El Salvador approved bitcoin as legal tender making the Central American country the first in the world to fully adopt the cryptocurrency.
The majority of lawmakers voted in favor of bitcoin. One of the few lawmakers who voted against bitcoin said that this approval is bad and it is an experiment.
One of the lawmakers who voted for bitcoin said that this is an important step for El Salvador. It is a step for technology and a step into the future to bring tourism, innovation, and economic development to El Salvador.
Lawmakers in countries all over the world have warned about bitcoin’s volatility and that it can be used for illegal activities.
The president of El Salvador said accepting bitcoin can help Salvadorians living abroad to send money back home. The president has even more big plans for bitcoin, as he wants to use renewable energy from the country’s volcanoes to mine bitcoin in El Salvador.
Difficult words: legal tender (official money), volatility (the possibility to go up or down very quickly), renewable (connected with getting energy from the sun, wind, water or earth), mine (to work to get gold, silver, or bitcoin).
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