El Salvador may be the most enthusiastic country to adopt Bitcoin. In addition to declaring it legal tender and investing in Bitcoin mining, the country now allows Bitcoin to serve as collateral for mortgages.
Two major banks in El Salvador, Cuscatlan and Agricola, have announced that they will now accept Bitcoin for loan payments. Customers can use Bitcoin to settle credit card debts or loans directly, eliminating the need for fiat conversion. This groundbreaking move was revealed through a tweet by Volcano Energy, a key player in El Salvador’s emerging crypto landscape.
The announcement aligns with El Salvador’s broader strategy to integrate cryptocurrency into its financial infrastructure. This is not just another step for Bitcoin adoption in El Salvador, but a significant move that could set precedents for the banking industry globally.
Legal Tender and Bitcoin Mining
In a landmark decision that garnered international…
