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El Salvador becomes first country to adopt bitcoin as legal tender | El Salvador

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El Salvador has become the first country in the world to adopt bitcoin as legal tender after congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency.

With 62 out of 84 possible votes, lawmakers voted in favor of the move to create a law to adopt bitcoin, despite concern about the potential impact on El Salvador’s program with the International Monetary Fund (IMF).

Bukele has touted the use of bitcoin for its potential to help Salvadorans living abroad to send remittances back home, while saying the US dollar will also continue as legal tender.

“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” Bukele said in a tweet shortly before the vote in congress, which is controlled by his party and allies.

The use of bitcoin will be optional for individuals and would not bring risks to users, Bukele said. The government will guarantee convertibility to dollars at the time of transaction through a trust created at the country’s development bank Bandesal.

Its use as legal tender will go into law in 90 days, with the bitcoin-dollar exchange rate set by the market.

Under the law, bitcoin must be accepted by firms when offered as payment for goods and services. Tax contributions can also be paid in bitcoin.

Analysts have said the move could complicate talks with the IMF, where El Salvador seeks a more than $1bn program.

Bitcoin was little changed, last up 2% at $34,067, away from Tuesday’s near three-week low.

“The market will now be focused on adoption through El Salvador and whether other nations follow,” said Richard Galvin of crypto fund Digital Asset Capital Management. “This could be a key catalyst for bitcoin over the next two to three years.“

El Salvador’s dollarized economy relies heavily on money sent back from workers abroad. World Bank data showed remittances to the country made up nearly $6 billion or around a fifth of GDP in 2019, one of the highest ratios in the world.

It was not immediately clear what proportion of remittances sent to El Salvador are in the form of bitcoin.

The cryptocurrency offers, in theory, a quick and cheap way to send money across borders without relying on remittance firms typically used for such transactions.

Bukele says about 70% of people in El Salvador lack access to traditional financial services.

Still, the cryptocurrency’s use for remittances globally is patchy. Converting local currencies to and from bitcoin often relies on informal brokers. Prices are volatile, and buying and selling is a complex process that demands technical knowledge.

El Salvador will “promote the necessary training and mechanisms so that the population can access bitcoin transactions”, according to the law.

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I can’t charge my electric car cheaply because I’m too close to an RAF base | Money

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A few months ago I decided to switch energy supplier and moved to Octopus Energy’s Go tariff, principally because it offers cheap electric car charging overnight at a rate of 5p/kWh.

I applied to have the required smart meter installed. But after being given a date, I was later declined on the basis that smart meters cannot work at my address because they interfere with the missile early warning system at RAF Fylingdales.

Initially, I thought this was a joke. I have been involved with the construction of hundreds of new homes in Teesside, all of which have had smart meters installed.

Smart Energy GB, the body responsible for the rollout, has confirmed that this is very real, and smart meters installed in the area will not have had their smart capacity turned on.

I was told that a new meter is being worked upon and will eventually replace those already installed.

Meanwhile, I am having to charge my car at a premium rate of 16.76p/kWh which is costing me about £26 more a week than it would be on the Go tariff.

AM, Guisborough

Given that your house is more than 20 miles from the RAF base in question, I, too, was amazed that this could be an issue, but it is – and also in other areas close to bases.

Smart Meter GB has confirmed this is the case and says it is working on a solution – a communications hub that will enable people living near sensitive RAF sites to use smart meters.

It says these will be offered to customers “in the coming months”.

It adds those in the affected area, who had already had smart meters installed should be able to have the hubs retrofitted.

Meanwhile, Octopus has come up with a solution for your problem. It has offered to add you to the trial of these new meters, which, in turn, will allow you to go on the Go tariff.

It says it hopes to install your new meter before Christmas. It has also said that if you get the log from your charging firm, showing how much electricity you have used for the car since the switch took place, it will retroactively apply the savings that you would have gained had the smart meter worked from the start – a generous offer.

We welcome letters but cannot answer individually. Email consumer.champions@theguardian.com or write to Guardian, 90 York Way, London N1 9GU. Include a phone number. Letters are subject to our terms: gu.com/letters-terms

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China’s Yutu rover spots ‘mysterious hut’ on far side of the Moon

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Cube-shaped object is probably just a rock. Yutu will check it out anyway

China’s Moon rover, Yutu 2, has sent images of a strangely geometric object.…

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Strikepay struck gold at National Startup Awards 2021

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Strikepay, founded by fintech entrepreneurs Oli Cavanagh and Charles Dowd, scooped the top award for its fast-growing cash-free tipping tech.

Irish fintech company Strikepay has scooped the top prize at this year’s National Startup Awards.

The start-up, previously called Strike, was founded in 2020 to enable cash-free tipping without the need for a payment terminal or a new app on a customer’s phone.

Its founders, fintech entrepreneurs Oli Cavanagh and Charles Dowd, raised €625,000 in seed funding earlier this year and said they intended to seek a further €6.5m in investment by the end of 2021.

Strikepay has already begun acquiring and collaborating with other companies to bolster its product offering. In June, it acquired UK payments rival Gratsi and in April it appointed former Just Eat exec Edel Kinane as its chief growth officer.

Earlier in the year, it teamed up with Camile Thai Kitchen to enable contactless tipping for food delivery drivers and partnered with mobility company Bolt to bring its cashless tipping technology to taxis in Dublin.

Strikepay was one of several winners at the awards ceremony, which was livestreamed last night (2 December).

Other winners included health-tech start-up Stimul.ai, customer analysis tech business Glimpse, and sheep monitoring start-up Cotter Agritech, which has been participating in a new accelerator programme at University College Dublin.

As well as taking the top award, Strikepay also won Best Fintech Startup.

This year marked the 10th year of the National Startup Awards. The event was sponsored by Enterprise Ireland, Microfinance Ireland, Sage, Cronin Accountants and McCann Fitzgerald.

Last year’s top award was given to drone delivery service Manna. The start-up had been working with companies such as Tesco, Just Eat and Camile Thai to test its drones, and has seen further growth since then.

The full list of winners at the 2021 awards, in order of gold, silver and bronze, are:

Startup of the Year 2021

Strikepay

Early Stage Startup

Imvizar, CyberPie, The Fifth Dimension

Emerge Tech Startup

Xunison, Helgen Technologies, LiveCosts.com

Fintech Startup

Strikepay, ID-Pal, Itus Secure Technologies

Food and Drink Startup

Fiid, SiSú, Thanks Plants

Social or Sustainable Startup

Altra, Peer, Fifty Shades Greener

Product and Manufacturing Startup

Cotter Agritech, Orca Board, Filter

E-commerce and Retail Startup

FinalBend, The Book Resort, Nufields

Tech Startup

Glimpse, LegitFit, Examfly

Medtech Startup

Stumul.ai, SymPhysis Medical, Bonafi

Covid Pivot or Response Startup

Zoom Party/Find A Venue, KSH Group, Streat School

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