El Salvador Becomes First Country to Adopt Bitcoin as National Currency

SAN SALVADOR, El Salvador—Tiny and impoverished El Salvador’s transfer to become the initial state in the environment to undertake bitcoin as authorized tender obtained off to a bumpy commence, as the federal government took its bitcoin e-wallet offline for several hours immediately after tens of countless numbers of persons tried out to download the app, overloading servers.

The administration of President Nayib Bukele, forty, designs to commit far more than $225 million on the rollout, which includes a $thirty credit in bitcoin to those who get up Chivo—local slang for “cool”—the federal government-operate e-wallet that can be made use of for buys in bitcoin or U.S. pounds.