El Salvador’s Legislation Make Cryptocurrency Legal Tender

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President Nayib Bukele of El Salvador has announced plans to make Bitcoin and other cryptocurrencies legal tender in his country. This is part of a bill that will be introduced in Congress on Sunday 13th, 2021.

In a video shown at the Bitcoin 2021 conference recently held in Miami, Florida, President Bukele stated that he expects such a move to generate jobs and help provide financial inclusion to thousands of people outside the formal economy in the short term.

Mobile payments app launched in El Salvador in March called Strike, said in a statement that it supports the legislation to make crypto legal tender and is working with the government to ensure the effective implementation of bitcoin technology.

“This is a global boom for bitcoin,” Strike founder and CEO Jack Mallers was reported as stating during the Miami conference.

“By adopting native digital currencies as legal tender, El Salvador becomes the world’s most secure, efficient, and internationally linked open payment network,” Mallers added.

Aside from El Salvador, numerous other nations are aiming to embrace bitcoin-based financial transactions. Apple and Tesla have recently began to accept cryptocurrency payments when purchasing gadgets.

 

 

 

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