El Salvadore to Adopt the Bitcoin Standard As Legal Tender

El Salvadore to Adopt the Bitcoin Standard As Legal Tender

Nayib Bukele, El Salvador’s president, delivers a speech to Congress at the Legislative Assembly building in San Salvador, El Salvador, on Tuesday, June 1, 2021. Photographer: Camilo Freedman/Bloomberg via Getty Images

Atlanta (CNN Business) – El Salvador could become the first county to adopt bitcoin as a legal tender, Salvadorian President Nayib Bukele announced in a video recording shown during the Bitcoin 2021 conference held in Miami.

“Next week I will send to congress a bill that will make bitcoin a legal tender,” Bukele said, according to the conference’s organizer, Bitcoin Magazine.

Bukele said El Salvador partnered with digital finance company Strike to establish the logistics of the decision.

“Over 70% of the active population of El Salvador doesn’t have a bank account. They’re not in the financial system,” Strike CEO Jack Mallers said. “They asked me to help write a plan and that they viewed bitcoin as a world-class currency and that we needed to put together a bitcoin plan to help these people.”

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