El Salvador On Its Way To Adopt Bitcoin As a Legal Tender

El Salvador’s president revealed at the ongoing Bitcoin 2021 Conference in Miami that he plans to make bitcoin a legal tender in his country.

• Speaking at the Bitcoin 2021 event, Nayib Bukele, the president of El Salvador, said he is planning to introduce a law that will make bitcoin a legal form of money in the country.
• According to a  video broadcast at the conference today, Bukele said he would send the bill to Congress next week.
• If the bill pushes through, El Salvador will become the first sovereign nation to adopt bitcoin as legal tender, alongside a fiat currency.
• Bukele believes that the central banks are increasingly taking actions that can negatively impact the economic stability of El Salvador. He further added that in the short term, the move would create jobs and help provide financial inclusion to thousands of people in the country.
• El Salvador’s central bank will also adopt bitcoin as part of its reserves, while citizens will be allowed to freely transact with the primary cryptocurrency.
• President Nayib Bukele also revealed that the country has already partnered with Strike, a digital wallet company, to build modern financial infrastructure with the blockchain.
• Although Bukele did not provide enough details about how his plan will play out, Jack Mallers, founder of Strike, noted that the move will be a “shot heard ‘round the world for bitcoin.”
• Mallers also noted that the development, if successful, will unleash the power of bitcoin for daily use cases on “an open network that benefits individuals, businesses, and public sector services.”
• Meanwhile, bitcoin proponents like Adam Back believe bitcoin becoming a legal tender was inevitable and is here already.