El Salvador Makes History As World’s First Country To Make Bitcoin Legal Tender

El Salvador Makes History As World’s First Country To Make Bitcoin Legal Tender

Share to Linkedin El Salvador has become the first country in the world to formally adopt cryptocurrency after its Congress voted overwhelmingly to approve a law classifying Bitcoin as legal tender, President Nayib Bukele said Wednesday, an initiative he hopes will boost foreign investment, improve financial inclusion and generate jobs. Bukele, who announced plans to introduce a bill adopting Bitcoin as legal tender in El Salvador Saturday, said a supermajority of legislators in Congress had approved the law in a vote Wednesday. "History!" he added on Twitter. Bitcoin is set to become legal tender in 90 days, meaning every business must accept the token for goods and services, alongside the U. S. Dollar. Bukele has previously said this will make financial services accessible to the 70% of Salvadorans who do not have bank accounts and ease the transfer of remittances from abroad that make up around 20% of the country's GDP. El Salvador has used the U. S. Dollar as official currency since 2001, which Bitcoin will join, not replace. The vote marks a major milestone in monetary history and could be a gamechanger for business worldwide as Bitcoin becomes a more practical asset and the Central American state a