Factbox-Pros and cons for El Salvador, the first bitcoin nation

FILE PHOTO: A banner that reads "We accept Bitcoin, free, fast and without contagion" is seen at a beach cafe on Punta Roca Beach in La Libertad, El Salvador April 25, 2021. REUTERS/Jose Cabezas

SAN SALVADOR (Reuters) - El Salvador will on Tuesday become the first country in the world to recognize bitcoin as legal tender, a move President Nayib Bukele says will save Salvadorans living abroad millions of dollars in commissions on money they send home.

Despite Bukele's popularity, the move has been greeted with skepticism by many Salvadorans who are concerned about the cryptocurrency's volatility and how his scheme will work.