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First country adopts bitcoin as legal tender

Bitcoin: El Salvador, Central America country, is set to become the first to adopt bitcoin as legal tender

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IT News Nigeria:

El Salvador is set to adopt bitcoin as legal tender, alongside the US dollar, the first sovereign nation to do so.

President Nayib Bukele said weekdend at the Bitcoin 2021 conference in Miami that a bill enabling his country to recognize bitcoin as legal tender will be submitted to the Legislative Assembly this week.

“In the short term this will generate jobs and help provide financial inclusion to thousands outside the formal economy,” Bukele said.

Strike, a Bitcoin Lightning Network payment application, is working with Bukele’s administration to implement the cryptocurrency plan. “This is the shot heard ’round the world for bitcoin,” Strike founder Jack Mallers said in a statement. “What’s transformative here is that bitcoin is both the greatest reserve asset ever created and a superior monetary network.”

About 70% of El Salvadorans don’t have a bank account, according to Strike. El Salvador is the smallest country in Central America and one of the poorest nations in the western hemisphere. Use of bitcoin will make the country’s financial system more inclusive and allow people to send money home without remittance services taking out fees, Strike said.

“We want to make cross-border payments free,” Mallers said in a speech at Bitcoin 2021. “We want to solve the remittance problem for places that need it the most.” But said “in real time, we’re improving the GDP of the country.”

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