El Salvador has become the first country in the world to adopt bitcoin as legal tender that can be used for payment, after Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency.
With 62 out of 84 possible votes, lawmakers voted in favor of the move to create a law to adopt bitcoin, despite concern about the potential impact on El Salvador’s program with the International Monetary Fund. read more
The president said the government had made history, and that the move would make it easier for Salvadoreans living abroad to send money home.
Bitcoin will become legal tender, alongside the US dollar, in 90 days.Now, the law is supposed to be submitted to the President of El Salvador, Naguib Boukeleh, for his signature, and the move received the support of the El Salvadorian president.
Under the law, citizens of El Salvador will be able to use “Bitcoin” like the US dollar in the country, and the prices of goods will be displayed in “Bitcoin”, and it will be possible to use the digital currency to pay taxes.