An unprecedented step… the first country to adopt Bitcoin as a legal currency


Article 1 of this text states that “the aim of the law is to make Bitcoin Unrestricted fiat currency that has the power to clear payments and unlimited in any transaction.”

The law is supposed to be presented to the president for his signature.

Cryptocurrency market volatility

After a period of decline and collapse in the cryptocurrency market last May, the first days of June witnessed dramatic changes, coinciding with a number of happy news that returned green stocks to follow-up indicators. Cryptocurrency movement.

According to the CoinMarketCap website, which specializes in analyzing digital currencies, the last seven days, until noon on Sunday, June 6, witnessed a remarkable rise in the growth of most of the famous digital currencies; The number of cryptocurrencies in circulation reached 10,296, with a total market capitalization of $1.645 trillion.

The “Bitcoin” currency rose by about 1.5 percent, and the “Bitcoin” currency rose by about 1.5 percent.Ethereum“About 13 percent, also a currency.”Binance“It went up by about 20%, while the currency rose”Dogecoinvalue exceeding the 20 percent threshold.

This recent and sudden rise was prompted by a number of reasons and factors, which experts and economic analysts monitored for the “Sky News Arabia” website.

Google and Apple

One of the news that drove the rise of cryptocurrency, Coinbase announced, last Tuesday, a card that enables whitelisted users to use cryptocurrency to pay on Apple Pay and Google Pay while earning up to 4 percent of the amount of income .

In this regard, economist Ahmed Moati says that the Coinbase platform is one of the largest digital currency trading platforms in the world, and it is listed on the American Stock Exchange, noting that the news of allowing the platform’s customers to buy from Google and Apple is positive news for those who work in the digital currency market.

But Maati points out to “Sky News Arabia” that this agreement between Coinbase and the two tech giants is not considered recognition of cryptocurrencies, noting that the transactions between Coinbase, Google and Apple will be in US dollars, meaning that the customer makes the purchase in cryptocurrency through Coinbase. Then the platform says to convert the value of the currency into US dollars and pay to “Google” and “Apple”.

And he added, “This news would have made a fundamental difference if Coinbase would pay with cryptocurrencies, but because it pays in dollars, the impact is limited.”

Elon Musk

The economist adds that there are other factors that have driven the recent rise of cryptocurrencies, such as Elon Musk’s post about Dogecoin; His blog included a positive reference to Dogecoin, which boosted its market value.

Also among the factors that supported the Dogecoin currency was its availability by the “Coinbase” platform last Thursday, which opens up a wider scope for it to trade, according to Maati.

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