One country has embraced Bitcoin as legal tender — could it happen here?

In El Salvador and many other countries, Bitcoin is already a legal method of payment, assuming the recipient accepts it.

Salvadoran President Nayib Bukele signed the law on June 9 with the stated goal of modernizing the country’s economy.

Because Bitcoin isn’t regulated like traditional currencies, many governments worry about the potential for money laundering and tax evasion.

The Bank of Canada is actually building the capability to distribute a cash-like digital currency of its own should the need arise.

in mid-April — though the currency has lost about 40 per cent of its value since then.

Giant swings in value are not for the faint of heart, and without proper precautions, losing money is a very possible outcome.

That said, famous investors like Paul Tudor Jones and financial gurus like Suze Orman like the idea of keeping a small percentage of your portfolio in crypto.

This article was created by Wise Publishing, Inc., which provides clear, trustworthy information people can use to take control of their finances.

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