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El Salvador, a small Central American country with a population of 6.5 million, is the first in the world to use Bitcoin as a fiat currency. While citizens' reactions were mixed, the system crashed on the first day.
By Kim Yong-cheol, staff reporter.
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the day that Bitcoin became the legal currency of El Salvador, the trading system did not work properly and protests continued in various places.
The protesters argued that the government was pushing ahead unilaterally, even though it was risky and uncomfortable.
[Gloria Martinez/Protester: It is to mandate a currency that fluctuates in price. There will be a lot of risk involved.]
[Maurisio Garcia/Protester: We use our taxes to install Bitcoin ATMs. Workers are funding and supporting the president's company.]
Starting today (8th), businesses and shops must accept bitcoin along with dollars.
For this purpose, 200 Bitcoin ATMs were installed, and the government decided to purchase 550 Bitcoins.
There are many voices who welcome the introduction of the Bitcoin fiat currency.
[Dennis Rivera/San Salvador resident: I think it's a great thing. Using e-money is a new and different experience.]
[Louis Hernandez / hairdresser: It would be good for my job. Customers will have fun playing with the Bitcoin app and starting to spend Bitcoin.]
President Bukele said the move would boost the economy of El Salvador, which relies heavily on overseas remittances.
However, on the first day of the introduction of the fiat in El Salvador, the Bitcoin price fell by more than 10%.
(Video editing: Hojin Choi)