El Salvador Plans to Make Bitcoin Legal Tender
Share this article
El Salvador looks set to become the first country to make Bitcoin legal tender.
El Salvador’s Bitcoin Bet
El Salvador is planning to adopt Bitcoin as legal tender, the country’s President Nayib Bukele announced last night.
Speaking in a pre-recorded video message at Bitcoin 2021, Bukele revealed that he will be submitting a bill to the country’s congress next week. He said:
“In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy. And in the medium and long term, we hope that this decision can help us push humanity, at least a tiny bit into the right direction.“
Jack Mallers, the founder of Bitcoin payments company Strike, introduced the video, revealing that he had been working in El Salvador to help the technology gain traction. In an impassioned speech, Mallers read an excerpt from the bill, which explained the country’s intentions to adopt a fixed supply digital currency “to mitigate the negative impact from central banks.” He also confirmed that Strike would open an “innovation HQ” in El Salvador, before adding:
“Today, humanity takes a tremendous leap forward in reinstilling human freedom and financial inclusivity.”
Importantly, the bill would have to be approved once submitted. Nonetheless, it’s a huge step forward for Bitcoin gaining acceptance, potentially marking the start of other countries adopting a Bitcoin standard.
Bukele added on Twitter that he has hopes for Bitcoin to improve El Salvador’s economic situation. He pointed out that 70% of the country’s population is unbanked and working in the informal economy, adding that he thinks the move towards adopting the asset “will improve the lives and the future of millions.”
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Bitcoin “on Track to Hit Six Figures in 2021”: Bloomberg
Bitcoin to six figures? Bloomberg thinks it’s likely to happen this year. Bloomberg Shares Crypto Forecast Bitcoin could break $100,000 this year, according to Bloomberg. In a June crypto outlook…
Square Is Planning to Launch a Bitcoin Hardware Wallet
Square is planning to create a Bitcoin hardware wallet, according to a recent tweet from the company’s CEO, Jack Dorsey. Dorsey Explains Wallet Design Dorsey posted the news to Twitter…
What is Polygon (MATIC): Ethereum’s Internet of Blockchains
In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…
Ray Dalio Owns “Some Bitcoin” as an Inflationary Hedge
The chief economist and founder of Bridgewater Associates, Ray Dalio, says that he owns “some Bitcoin.” Ray Dalio Owns Bitcoin Ray Dalio, the billionaire investor who presides over the asset…
