El Salvador adopts Bitcoin as legal tender
The world’s flagship cryptocurrency, Bitcoin, is now as acceptable as the U.S dollars for payment in El Salvador.
El Salvador, a country in Central America, has officially become the first country to accept Bitcoin as a legal tender that can be presented as payment in exchange for goods and services.
The President of El Salvador, Nayib Bukele, sent the Bitcoin Law for a vote which resulted in the lawmakers in the country’s congress casting 62 out of 84 votes in a favor of the Bitcoin Law.
There have been arguments about how Bitcoin’s price is not stable, making it unsuitable to be a currency. With El Salvador’s official currency being the U.S dollar, the country’s Bitcoin Law states that the exchange rate between both legal tenders will be determined solely by the market.
The country’s Bitcoin Law also states that training will foster a better understanding of Bitcoin transactions within its populace, further helping the country achieve its goal of financial inclusion.
El Salvador’s president also stated that the country has partnered with a digital wallet company called Strike to build a peculiar and modern bitcoin technology-driven platform for its citizens.
It was also revealed that El Salvador is giving citizenship to persons who own three bitcoins and more.