EL SALVADOR BECOMES THE FIRST COUNTRY IN THE WORLD TO MAKE MAKE BITCOIN AS A LEGAL TENDER.
Written by miebaka ikiriko on June 10, 2021
El Salvador has approved a proposal from President Nayib Bukele for a law to classify Bitcoin as legal tender, making the Central American Nation the first in the World to do so.
A majority of lawmakers voted in favour of the initiative late on Tuesday to create a law that will formally embrace the crypto currency, despite concern about the potential effect on El Salvador’s programme with the International Monetary Fund.
President Bukele has touted the use of Bitcoin for its potential to help Salvadorans living abroad send remittances back home while saying the US Dollar will also continue as legal tender.
He added that the use of Bitcoin which would be optional would not bring risks to users while its use as legal tender will go into law in ninety days.