El Salvador President announces plan to make Bitcoin legal tender

El Salvador President Nayib Bukele has announced a proposal to make Bitcoin cryptocurrency legal tender in the Central American nation.If implemented, El Salvador would become the first nation in the world to officially adopt Bitcoin as legal tenderMr Bukele says Bitcoin could be the fastest-growing way to transfer remittances, a large part of the country's economy

The 39-year-old president, who has maintained approval ratings above 90 per cent and made Twitter his preferred way of communicating, characterised it as an idea that could help El Salvador move forward. "Next week I will send to Congress a bill that will make Bitcoin a legal tender in El Salvador," Mr Bukele said.

"In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy, and in the medium and long term we hope that this small decision can help us push humanity at least a tiny bit into the right direction."The US dollar is El Salvador's official currency.

About one-quarter of El Salvador's citizens live in the United States and last year, despite the pandemic, they sent home more than $US6 billion in remittances.Mr Bukele's New Ideas party holds a supermajority in the new Congress seated May 1, giving any legislative proposal from the President a strong likelihood of passage.If implemented, the Central American nation would become the first country in the world to adopt Bitcoin as legal tender.

Source: Digital Coin News (digitalcoinnews.net)

Looks like American troops will be there soon.

Shitcoin

Next up Venezuela?

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