Fri. Jun 21st, 2024

President Of El Salvador To Make Bitcoin A Legal Tender

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Speaking at the largest Bitcoin conference 2021 in Miami, President Nayib Bukele of El Salvador announced his intention to make Bitcoin a legal tender in his country. The announcement is the first of its kind and makes El Salvador the first country in the world to consider bitcoin as an official legal tender.

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With over 70% of the population of El Salvador not having a bank account and with remittances making over 20% of the country’s GDP, the President believes this move will go a long way in assisting the creation of jobs for thousands of El Salvador Citizens in the short term and renewed source of prosperity while living a legacy for the country in the long-term.

The move has been greeted with wide acceptance on social media, it has also attracted the attention of Governing bodies of other countries while adapting the slogan “One Small Step For Bitcoin, One Giant Leap for Mankind”. 

Read Also: The Central Bank Of Nigeria To Lift Four Months Ban On Digital Assets

Adopting the cryptocurrency would benefit more than a million low-income families and generate jobs and help provide financial inclusion to thousands outside the formal economy”  El Salvador’s President Nayib Bukele tweets.

President Bukele shared his intentions in a video at the Bitcoin conference in Miami saying:

We need to care that we can create our future, that we as humans, can do almost anything that we imagine. 

Our ingenuity is what separates us from other species. In El Salvador, we’re trying to rescue this idea and have started to sign up the country for the future. 

I believe Bitcoin could be one of these ideas. That is why from next week, I will send to Congress a bill that will make Bitcoin  a legal tender in El Salvador.”

               – President, El Salvador

If the bill is approved by congress, El Salvador could become the first country in the world to make Bitcoin legal tender under proposals by its president. President Bukele’s New Ideas party has control over the country’s Legislative Assembly, so the passage of the bill is very likely.

While details are still forthcoming about how the rollout will work, CNBC is told that El Salvador has assembled a team of bitcoin leaders to help build a new financial ecosystem with bitcoin as the base layer.

About The Author

By Queen Helen

Data Scientist, Tech Enthusiast and a Crypto Lover

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