El Salvador recently opened a pet hospital that was built using gains Bitcoin operations. The central American nation became the first in the world to authorise the cryptocurrency as legal tender in September 2021.
The Chivo-Pet Veterinary hospital was built with a Bitcoin fund of $4 million, according to El Salvador's President Nayib Bukele. People who bring their pets for treatment can pay for all services using Bitcoin.
“Thank you, Mr President, for the great opportunity for all of us and for a facility where we can pay with bitcoin. I think it's easier for everyone to make payments. Besides, it's very cheap and convenient because it only costs 25 cents,” Ana Rosario Flores, who visited the hospital, was quoted as saying in Spanish by news agency Reuters.
In November 2021, President Bukele had announced that his government will build an oceanside “Bitcoin City” at the base of a volcano.
In February, the country rejected a recommendation by the International Monetary Fund (IMF) to drop Bitcoin as legal tender. The monetary body had recommended that El Salvador dissolve the $150 million trust fund it created when it made the cryptocurrency legal tender and return any of those unused funds to its treasury. The agency cited concerns about the volatility of Bitcoin prices, and the possibility of criminals using the cryptocurrency.
After nearly doubling in value late last year, Bitcoin has plunged in value.
The IMF also recommended eliminating the offer of $30 as an incentive for people to start using the digital wallet Chivo and increasing regulation of the digital wallet to protect consumers. It suggested there could be benefits to the use of Chivo, but only using dollars, not Bitcoin.
(With inputs from Reuters and AP)
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