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El Salvador plans to make Bitcoin legal tender

El Salvador may become the first country to make Bitcoin legal tender after President Nayib Bukele...

👤 H K Badal6 Jun 2021 4:45 PM GMT
El Salvador plans to make Bitcoin legal tender
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El Salvador may become the first country to make Bitcoin legal tender after President Nayib Bukele announced he would soon propose a bill that could transform the remittance-dependent economy.

The move would make the Central American nation the first in the world to formally accept cryptocurrency as legal money and would "allow the financial inclusion of thousands of people who are outside the legal economy", Bukele said on June 5.

"Next week, I will send to Congress a bill that makes Bitcoin legal money," he said during a video message to the Bitcoin 2021 conference in Miami.

He said the bill aims to create jobs in a country where "70 percent of the population does not have a bank account and works in the informal economy".