4RX congratulates El Salvador on making Bitcoin legal tender

On June 9, 2021, El Salvador’s Congress approved a proposal that embraces Bitcoin, making El Salvador the first country in the world to adopt bitcoin as legal tender.

This is a historic decision for the country as it will open many economic opportunities for 70% of its population who are unbanked and open the door to foreign investment by companies that deal in Bitcoin.

What does being “unbanked” mean?

The term “unbanked” refers to the inability to store money in a designated safe place with ease of access and protection to deposit and withdraw money either at a physical location or through an ATM.

Unbanked people have to operate in a cash driven economy which is problematic for storing or transferring money. Traditionally, sending money to family or friends in a different geographical location is a normal task executed by money transfer companies such as Western Union but they charge hefty fees.

How would Bitcoin help?

In order to retain more of their hard earned wealth, people of El Salvador can now use the Bitcoin lightning network to send money to their friends and family without paying hefty fees. Bitcoin has much lower inflation which in the long run, is likely to retain its value than US Dollars or other inflationary fiat currency.

The announcement by El Salvador to make Bitcoin legal tender has sparked discussion among other South American nations to support Bitcoin.

We are delighted to learn about this and we congratulate El Salvador on making Bitcoin legal tender. We believe adoption of cryptocurrencies will open the door to more Salvadorans and South Americans learning about projects other than Bitcoin.

Hopefully, more El Salvadorans will learn about the benefits 4RX brings to the whole crypto ecosystem. 4RX is an index price token that tracks the price of 80 crypto assets. The assets include DeFi tokens, Stablecoins and major Altcoins.

To learn more about 4RX visit: https://4rx.finance/