El Salvador President Nayib Bukele on Friday said his country had bought an additional 100 bitcoins after the digital currency declined in value, building on the country’s cryptocurrency stake despite vast criticism about the government’s strategy. Bitcoin, the world’s largest digital currency, on Friday fell as much as 7.8 per cent to $54,377, its lowest since October 12. “El Salvador just bought the dip. Also see: El Salvador sees greener cryptocurrency mining in its futureIn September, El Salvador became the world’s first nation to adopt bitcoin as legal tender, a move that generated global media attention but also attracted criticism from the opposition and foreign financial institutions. But the International Monetary Fund (IMF) on Monday said El Salvador should not use bitcoin as legal tender considering risks related to the cryptocurrency.

Source: The Hindu November 27, 2021 18:17 UTC