It's been a big couple of weeks for the central american nation of El Salvador. Following its decision to officially accept Bitcoin as legal tender, t

El Salvador Plans on Harnessing Volcanic Energy to Mine Bitcoin

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2021-06-17 18:30:11

It's been a big couple of weeks for the central american nation of El Salvador. Following its decision to officially accept Bitcoin as legal tender, the country's President Nayib Bukele also explained the mighty method El Salvador will use to power its Bitcoin: Volcanoes.

On June 9, El Salvador became the first country in the world to accept Bitcoin as legal tender and that it would do so within 90 days. Per the new law, if a business has the technological means needed to carry out cryptocurrency transactions, it has to do so.

The move hopes to improve the country's financial development, and help about 2 million Salvadoreans living abroad make easier transactions with the 6.4 million living in the country — something that is commonplace.

Moreover, Bukele made the point that nearly 70 percent of the population doesn't have access to traditional financial institutions, so a shift towards cryptocurrency would facilitate the lives of more than half the nation's people.