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President Nayib Bukele in the Legislative Assembly building in San Salvador, El Salvador, in June. Photo: Camilo Freedman/Bloomberg via Getty Images

El Salvador bought its first 400 bitcoins on Monday, and President Nayib Bukele pledged to buy "a lot more" ahead of adopting the cryptocurrency as legal tender.

Why it matters: El Salvador will become on Tuesday the first country to formally adopt bitcoin — marking the "biggest test" the digital currency has faced in its 12-year history, per Bloomberg.

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

By the numbers: 200 bitcoins had a market value of about $10 million as of Monday night, bitcoin.com notes.

The big picture: El Salvador's legislature voted in June to make bitcoin legal tender.

  • The digital currency will be used alongside the U.S. dollar, the nation's official currency.

Of note: The World Bank in June rejected the government of El Salvador's request to help the government implement bitcoin, citing environmental and transparency concerns.

How it works: The government will provide a bitcoin wallet, called Chivo, which will be pre-loaded with $30 in digital currency for users who've registered with a Salvadoran national ID number. 

  • "Businesses will be required to accept the digital coin in exchange for goods and services and the government will accept it for tax payments," Bloomberg notes.

What to watch: "Crypto is sexy but untested and complicated especially for a country like El Salvador,” Stifel Nicolaus & Co. managing director Nathalie Marshik told Bloomberg.

  • "It’s extremely risky, and there is the question of, is the Bandesal fund big enough? The regulations look like the law, put together really quickly. It’s a big question mark."

Go deeper: El Salvador moves into bitcoin

Go deeper

Treasury sanctions cryptocurrency exchange over ransomware transactions

Treasury Secretary Janet Yellen during a congressional hearing in June. Photo: Greg Nash/The Hill/Bloomberg via Getty Images

The Department of the Treasury announced Tuesday it will sanction cryptocurrency exchange SUEX for allegedly facilitating financial transactions for multiple ransomware actors.

Why it matters: The sanctions, the first against a cryptocurrency exchange platform, are part of the Biden administration's crackdown on ransomware in response to several high-profile cyberattacks this year.

Most teachers are white. Most students aren't.

Expand chart
Data: U.S. Department of Education, National Center for Education Statistics; Chart: Baidi Wang/Axios

The nation's 6.6 million teacher workforce has grown more racially and ethnically diverse over the past three decades — but not nearly fast enough to keep pace with a student population that's nearing majority-minority in public schools, two new reports show.

Why it matters: The disparities are especially acute between Hispanic students and teachers, and in schools with 90% or higher non-white student populations.

Updated 11 hours ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

Driving the news: U.S. National Security Council spokeswoman Emily Horne called the intelligence "deeply concerning" in a statement to Axios. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.