Alphabet Inc's Google GOOGL on Wednesday said it will expand its Cloud operations into the Central American country El Salvador, which stands as the only nation to fully legalize Bitcoin BTC/USD as legal tender.
What Happened: The multinational tech behemoth revealed that it has entered into a 7-year strategic partnership with the government of El Salvador, pending legislative approval.
According to the press release, Google Cloud’s entry into El Salvador marks the first time a Latin American government is leveraging cloud technology.
El Salvador President Nayib Bukele in a press release said that he believes El Salvador is quickly becoming a "hub for innovation."
Gabor Gurbacs, an advisor to digital asset firms Tether and VanEck said, “This would have not been possible without Bitcoin and the technology and investment focus it brought to the region.”
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Why It Matters: El Salvador has been actively embracing the crypto industry, granting a license to the cryptocurrency exchange Binance on August 8, allowing it to offer crypto services to users within the country.
The decision to recognize Bitcoin as a legal tender was made in 2021, further positioning El Salvador as a crypto-friendly destination.
Price Action: At the time of writing, BTC was trading at $25,997, down 4.62% in the last 24 hours, according to Benzinga Pro.
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