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El Salvador To Be The First Country In The World To Make Bitcoin An Official Currency

Finally a Bitcoin news that doesn’t involve Elon Musk, rather it involves an entire country! El Salvador was just declared as the first country in the world to have passed a resolution to make Bitcoin a legal currency!

According to the law, citizens living in El Salvador will be able to use Bitcoin to do EVERYTHING, from paying taxes, debts, buying goods and services, literally anything! According to President Nayib Bukele who made this decision, it is a way for those who don’t have access to banks, and those who want to send money back home from abroad.

I’ve just sent the #BitcoinLaw to Congress 🇸🇻 pic.twitter.com/DljnxsXlyt — Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021

The proposal was passed by El Salvador’s congress on 8 June, with 62 out of 84 legislators voting for it. Although Bitcoin is an official currency now, it won’t be the only currency in the country. Previously, El Salvador used US Dollars as a currency, and it will still be sticking around as an option.

The Guardian reported that some human rights groups focused on Central America disagrees with the move, having concerns that El Salvador’s lower class will not have access to the tech required to use and store Bitcoin. However, the law did mention that the government will “promote the necessary training and mechanisms” to allow the population to use Bitcoin.

What do you think about having Bitcoin as a legal currency?

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#Bitcoin #ElSalvador #legalcurrency

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