President Nayib Bukele of El Salvador Approves Bitcoin as Legal Tender In The Country .

President Nayib Bukele of El Salvador has approved bitcoin as legal tender in the country has learned.

This first if it’s kind move , makes El Savador the first country in the world to adopt a cryptocurrency for everyday use.

President Nayib Bukele of El Salvador Approves Bitcoin as Legal Tender

The Lawmakers in the Central American nation’s Congress were said to have passed a bill late Tuesday, June 8, that will allow the digital currency to be used for many aspects of daily life of the populace , from property purchases to tax contributions. 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 IMF.

President Nayib Bukele, 39, tweeted after the vote on Tuesday.

The #BitcoinLaw has just been approved by a qualified majority” in the legislative assembly,

“History!” the 39-year-old president added.


Before the vote in Congress:
Bukele said the approval of bitcoin will bring financial inclusion, investment, tourism, innovation and economic development for the country.”


President Bukele also concluded that :-

1. The use of bitcoin in the country will be optional for individuals and would not bring risks to users.

2. The government will guarantee fast and quick conversion to dollars at the time of transaction through a trust created at the country’s development bank BANDESAL.


3. Under the “Bitcoin Law”, bitcoin must be accepted by firms when offered as payment for goods and services. Tax contributions can also be paid in bitcoin.

The use of bitcoin as a legal tender in El Salvador will go into law in 90 days, with the bitcoin-dollar exchange rate set by the market.

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