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Bitcoin to become a legal currency in this country: Read here

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Bitcoin will be a legal currency in El Salvador from September. The central American country’s President Nayib Bukele, in a national address on June 24, said that a recently ratified law making the digital currency legal tender will come into effect from September 7.

Bukele, however, cleared that Bitcoin’s used will be optional. El Salvador’s Congress had on June 9 approved the president’s proposal to accept the cryptocurrency.

This makes El Salvador the first country in the world to adopt Bitcoin as legal tender. Making the cryptocurrency’s use as discretionary, Bukele noted that “nobody will receive Bitcoin if they don’t want it.” He further stated that “if someone receives a payment in Bitcoin, they can choose to automatically receive it in dollars.”

Meanwhile, salaries and pensions will continue to be paid in US dollars, said Bukele, without specifying if that included salaries paid to state workers and private sector employees.

Earlier in the day, US-based Bitcoin ATM firm Athena Bitcoin said it plans to invest over $1 million (roughly Rs. 7.4 crores) to install some 1,500 cryptocurrency ATMs in El Salvador, especially where residents receive remittances from abroad.

According to Athena Bitcoin’s website, the ATMs can be used to buy Bitcoins or sell them for cash.

“One of the reasons we passed the Bitcoin law is precisely to help people who send remittances,” said Bukele, adding that the high cost of commissions traditionally associated with sending money home would be eliminated by using the cryptocurrency.

El Salvador relies heavily on money sent back from workers abroad. World Bank data showed remittances to the country made up nearly $6 billion (roughly Rs. 44,480 crore) or around a fifth of gross domestic product (GDP) in 2019, one of the highest ratios in the world.

Less than 1 per cent of the volume of global cross-border remittances is currently in cryptocurrency, according to Kenneth Suchoski, US payments and fintech analyst at Autonomous Research.

But in the future crypto is expected to account for a larger slice of the more than $500 billion (roughly Rs. 37,06,925 crore) in global annual remittances.

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Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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