El Salvador President Nayib Bukele: country becomes first to adopt bitcoin as legal tender

El Salvador President Nayib Bukele: country becomes first to adopt bitcoin as legal tender

Agency Reports

El Salvador has become the first country in the world to adopt the cryptocurrency Bitcoin as legal tender.

The adoption came after after President Nayib Bukele’s proposals to embrace cryptocurrency were approved by congress.

On Tuesday night, lawmakers voted in favour of the plan with 62 out of 84 possible votes.

The country’s president made the proposal at a Bitcoin conference over the weekend.

The approval means that the cryptocurrency can be used for any transactions in El Salvador – unless a business is unable to provide the technology needed.

People won’t be forced to use Bitcoin and the US dollar will remain the country’s official currency.

Mr Bukele said his government had made history by becoming the first nation to use Bitcoin as legal tender.

Other countries in South America, including Venezuela and the Bahamas, have introduced digital currencies, though none had adopted the original cryptocurrency, Bitcoin.

Mr Bukele has said the move would increase financial inclusion, investment, tourism, innovation and economic development, Sky News reported.