Bitcoin surged 8.54% on Wednesday to US$36,265 (approximately Rs 2.64 million), an increase of US$2,853.31 (approximately Rs 200,000) from its previous closing price.

Bitcoin, the world’s largest and most famous cryptocurrency, has risen by 30.8% from its annual low of US$27,734 (approximately Rs 2.02 million) on January 4. As of 10:12 am on June 10th, the price of Bitcoin in India was Rs. 2.69 million.

Ether, a token related to the Ethereum blockchain network, rose 2.29% on Wednesday to US$2,566.4 (approximately 190,000 rupees), up 57.55 US dollars (approximately 4,200 rupees) from its previous closing price. As of 10:12 am on June 10th, the price of Ethereum in India was Rs. 190,000.

On June 9, after Congress approved President Nayib Bukele’s proposal to adopt Bitcoin, El Salvador became the first country in the world to officially adopt Bitcoin as legal tender.

Despite concerns that El Salvador and the International Monetary Fund’s plans may be affected, out of 62 out of 84 votes, most legislators voted for an initiative to enact a law that will officially adopt Bitcoin.

Bukele touts the use of Bitcoin because it has the potential to help Salvadorans living abroad send money home, while also stating that the U.S. dollar will continue to be legal tender.

“This will bring financial inclusion, investment, tourism, innovation and economic development to our country,” Booker said in a tweet shortly before the Congress vote, which is controlled by his political parties and allies.

He added that the use of Bitcoin is optional and will not pose risks to users. Its use as legal tender will become law within 90 days.

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“The government will guarantee that every transaction can be exchanged for the exact value of the U.S. dollar,” Booker said.

El Salvador’s dollarized economy relies heavily on money sent back by overseas workers. According to data from the World Bank, the amount of remittances to the country in 2019 was close to 6 billion U.S. dollars (approximately 437.9 billion rupees), accounting for about one-fifth of GDP, and one of the countries with the highest rate in the world.

© Thomson Reuters 2021

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