Bitcoin to Become Legal Tender in El Salvador

El Salvador’s President, Nayib Bukele, becomes the first president to come out with plans to legitimise Bitcoin as a legal tender in his country. At the Bitcoin 2021 conference, the President professed his commitment towards making Bitcoin a legal tender in the Central American country.

Per President Bukele, he is going to be sending a bill to the country’s legislators by next week to legalize the use of the crypto asset. He also went on to highlight that his country, being a cash reliant economy, would have its GDP increased exponentially if only one percent of Bitcoin’s market cap is invested in it.

At the same time, the President also revealed that the country has partnered with Strike, to build the country a modern financial infrastructure using Bitcoin technology.

Crypto enthusiasts around the world has hailed the news as long overdue with many believing that this could push other countries into adopting the leading crypto asset.

Caithlin Long of Avanti said that the news was a historic development for the crypto space while CZ, the CEO of Binance, asked his followers to predict other countries that might adopt the asset.

Jack Mallers, the founder of Strike, opined that El Salvador’s decision to hold Bitcoin “provides a way to protect developing economies from potential shocks of fiat currency inflation.”

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