EL SALVADOR IS THE FIRST COUNTRY TO MAKE BITCOIN LEGAL TENDER

in Bitcoin • 3 years ago (edited)

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El Salvador became the first country in the world to adopt bitcoin as legal tender after the county’s Congress on Wednesday approved President Nayib Bukele’s proposal to embrace the cryptocurrency.

These happened with 62 lawmakers out of 84 voting in favor of it the bill, despite concern about the potential impact the movement might have on El Salvador's program with the International Monetary Fund.

The country’s 46th president has hyped the use of bitcoin for its potential to help Salvadorans living abroad to send remittances back home, while saying the U.S. dollar will also continue as legal tender.
Practically, El Salvador does not have its own currency, and Bukele’s tweet reveals that the adoption of Bitcoin will bring financial inclusion, investment, tourism, innovation and economic development for the country

3 years ago in Bitcoin by
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