A year after El Salvador adopted bitcoin as legal tender, the area where the world’s first cryptocurrency city was meant to be built is still a dense jungle.

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El Salvador has become the first country in the world to grant legal tender status to bitcoin. In a majority vote, 62 out of 84 lawmakers have approved the bill, moved by President Nayib Bukele in Congress. Bitcoins use as legal tender will go into law in 90 days and the country will be using the U.S. dollar as a reference currency and exchange rate in its markets. The state has said that it will provide necessary training to its people to access Bitcoin transactions and will also guarantee automatic and instant conversion of Bitcoin to the dollar. The president in his tweet also urged all businesses to start accepting bitcoins as payments. The news from El Salvador, definitely helped Bitcoin see some rebound in trade on Wednesday, June 9. However, the volatility among cryptocurrencies continues. But this hasn’t stopped global digital currency exchanges from looking at India as a potential market. reports suggest that U.S.-based Kraken, Hong Kong-based Bitfinex and rival KuCoin are actively scouting the Indian market, The country however has no rules specifically for cryptocurrency exchanges yet, with cryptos still unregulated in India.
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Jurrien Timmer from Fidelity Investments says while El Salvador’s Bitcoin adoption is creating a real world test for the cryptocurrency, it is not replacing cash as legal tender.

Bitcoin Foundation Chairman Brock Pierce on how governments, institutions and consumers feel about adopting Bitcoin. #FOXBusiness

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