Bitcoin becomes a legal tender in El Salvador

Netdon

Netdon

Thread Starter
Active member
Local time
Today 11:05 AM
NaijaCash
4
In a first of its kind move, El Salvador has approved bitcoin as legal tender, the county's president said.



This makes El Savador the first country in the world to adopt a cryptocurrency for everyday use.



Lawmakers in the Central American nation’s Congress passed a bill late Tuesday, June 8, that will eventually allow the digital currency to be used for many aspects of daily life, from property purchases to tax contributions.



"The #BitcoinLaw has just been approved by a qualified majority" in the legislative assembly, President Nayib Bukele, 39, tweeted after the vote late Tuesday.



"History!" the 39-year-old president added.



With 62 out of 84 possible votes, lawmakers voted in favor of the move to create a law to adopt bitcoin, despite concern about the potential impact on El Salvador's program with the International Monetary Fund.



Bukele said on Twitter before the vote in Congress: "It will bring financial inclusion, investment, tourism, innovation and economic development for our country."







The use of bitcoin will be optional for individuals and would not bring risks to users, Bukele said. The government will guarantee convertibility to dollars at the time of transaction through a trust created at the country's development bank BANDESAL.



Its use as legal tender in El Salvador will go into law in 90 days, with the bitcoin-dollar exchange rate set by the market.
 
  • Tags
    bitcoin crypro cryprocurrency el salvador
  • Richest Naijafans User

    Most NaijaCash

    Naijafans
    Naijafans
    9,777 NaijaCash
    N
    NL SOFT
    2,593 NaijaCash
    SACHSTOSHI
    SACHSTOSHI
    578 NaijaCash
    maventechie
    maventechie
    569 NaijaCash
    Naijablog
    Naijablog
    397 NaijaCash
    Naijababe
    Naijababe
    272 NaijaCash
    bestosteopathy1
    bestosteopathy1
    187 NaijaCash
    A
    anngardner97
    117 NaijaCash
    bettydawson
    bettydawson
    113 NaijaCash
    K