President Nayib Bukuele stated that El Salvador purchased 400 bitcoins Monday and will continue to purchase "a lot more".
This purchase was made just one day before El Salvador officially makes bitcoin its official currency.
With Salvadorans confused by the rollout, protestors have made it clear that the bitcoin transition wasn't as smooth.
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El Salvador purchased its first 400 bitcoins and plans to buy more as it nears Tuesday's deadline to make bitcoin its official currency. President Nayib Buke tweeted Monday.
Bukele tweeted Monday that El Salvador had just purchased its 200th coin. "Our brokers will be purchasing a lot more as the deadline nears."
Bukele stated that the country had purchased an additional 200 bitcoin hours later, giving it a total amount of 400 bitcoin.
Just a few days before El Salvador's new bitcoin law goes into effect, bitcoin purchases totaled roughly $20 million at Monday's prices.
This is the first step towards El Salvador's ambitious attempt at making bitcoin legal tender. It will draw attention from both cryptocurrency enthusiasts and monetary policy specialists around the globe, while also transforming Salvadorans' daily lives.
El Salvador adopted a law in June that makes bitcoin legal tender. It will also replace the US dollar, which is the country's current currency. All government entities will have to accept bitcoin for payment of goods and services. Salvadorans will also be able use the cryptocurrency to pay taxes.
According to the World Bank, El Salvador is Central America's smallest country by population. It ranks 106th among the 195 countries that the International Monetary Fund rates.
It has been difficult for the country to roll out its bitcoin program. Salvadorans claim they have not received any official communication from government regarding the country's upcoming bitcoin rollout. The decision has been questioned by rating agencies and global banks, who claim it could undermine the IMF lending talks, harm local insurers, and weaken the bitcoin network.
Protests broke out in San Salvador's capital, sparking fears about their pension payments being canceled and the rise in money laundering in a country that is notorious for corruption. According to a July poll, 75% of Salvadorans are skeptical about the law.
Bukele is still confident about the country's imminent adoption of bitcoin. The 40-year-old president referred to the opposition as "liars" in a tweet last month. He said that they would be exposed when the law becomes effective. He stated that those who are concerned about their pensions or businesses can continue to deal in dollars as they normally do, because bitcoin isn't required.
In a Monday tweet, Bukele showed the same level confidence on Monday.
Bukele wrote, "Tomorrow, the first time in the history of the world, all eyes will be on El Salvador." "#Bitcoin did it."
