El Salvador was the first country in the world to declare Bitcoin as its official currency
El Salvador was the first country in the world to declare Bitcoin as its official currency
El Salvador has declared Bitcoin as its official currency as many countries around the world work hard to reduce their investment and use of cryptocurrency.
This allows Bitcoin to be used for all types of money transfer, just as the people of El Salvador use the dollar. Its cryptocurrency is seen as a huge success for the market.
Cryptocurrency Bitcoin
Although Bitcoin, the world's leading cryptocurrency, is much loved by the people, it is strongly opposed by governments. El Salvador has announced the use of bitcoin as the official currency of the Central American country in this dire situation.
President Nayib Bukele
On June 5, President Nayib Bukele announced that he would submit a report to parliament on the use of bitcoin as a currency. It is noteworthy that the approval was given on June 9. It is also said that a government order will be issued in the next 90 days declaring Bitcoin as the official currency.
Can create employment
The announcement of the Nayib Bukele currency at the Bitcoin 2021 conference in the Miami area could create more jobs in the short term. He added that the financial trading system allows for easy communication with countries around the world.
Country of El Salvador
About 70 percent of El Salvador's population still operates in an unclassified economy without a bank account. It is hoped by all parties that this situation will change with the declaration of Bitcoin as the official currency.
Support in the El Salvador Parliament
El Salvador's parliament easily approved without any restrictions, with 62 out of about 84 members approving.
US dollar
And even though Bitcoin is the official currency, the US dollar will continue to be in use, El Salvador clarifies in the new order.
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