In a first of its kind move, El Salvador has approved bitcoin as legal tender, the county’s president said.
This makes El Savador the first country in the world to adopt a cryptocurrency for everyday use.
Lawmakers in the Central American nation’s Congress passed a bill late Tuesday, June 8, that will eventually allow the digital currency to be used for many aspects of daily life, from property purchases to tax contributions.
“The #BitcoinLaw has just been approved by a qualified majority” in the legislative assembly, President Nayib Bukele, 39, tweeted after the vote late Tuesday.
“History!” the 39-year-old president added.
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.
Bukele said on Twitter before the vote in Congress: “It will bring financial inclusion, investment, tourism, innovation and economic development for our country.”
The use of bitcoin will be optional for individuals and would not bring risks to users, Bukele said. The government will guarantee convertibility to dollars at the time of transaction through a trust created at the country’s development bank BANDESAL.
Its use as legal tender in El Salvador will go into law in 90 days, with the bitcoin-dollar exchange rate set by the market.
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.
News5 days ago
JUST IN: Nnamdi Kanu Marked For Assassination In Europe — Diplomatic Sources
Inside Nigeria4 days ago
JUST IN: National Assembly Told To Immediately Organise Biafra Referendum
News4 days ago
Biafra: IPOB Have God On Their Side, Thread With Caution — Apostle Suleman Warns Buhari
Metro2 days ago
Heavy Tension In Abia, Residents Flee As IPOB’s ESN Clash With Soldiers
Metro4 days ago
Man Arrested With Dismembered Body Of Young Lady In Osun [Graphic Photos]
Metro3 days ago
Prophet Odumeje Conducts Deliverance On Top Of A Reverend Sister
Inside Nigeria3 days ago
BREAKING: Nigerians Are Very Forgetful — Buhari
Metro3 days ago
Biafra Protesters Storm UK Parliament, Accuse Nigerian Govt Of Genocide In South-East