In world first, bitcoin becomes legal tender in El Salvador

13 Sept 10:49 Key points summarised by AI

El Salvador officially became the first country to adopt Bitcoin as legal tender, alongside the US dollar, on September 7, 2021.
President Nayib Bukele's government champions the move to provide banking access to unbanked citizens and save approximately $400 million annually in remittance fees, even purchasing an initial 400 bitcoins.
The decision faces strong domestic opposition, with polls indicating a majority of Salvadorans reject the idea due to concerns over Bitcoin's extreme volatility and lack of public consultation.
International bodies and economists have voiced warnings regarding the cryptocurrency's price instability, potential for illicit use, and the absence of consumer protections.

New home loan scheme aims to boost property sector with Bt125 billion

20 Oct 11:38 Key points summarised by AI

The Cabinet approved a new Bt50-billion 'A House for Each PLUS' home loan scheme from the Government Housing Bank, offering up to Bt3 million with 40-year repayment terms for low- and middle-income earners.
This initiative aims to significantly boost the property sector and national economy, projecting to generate Bt125 billion in economic activity and create jobs.