El Salvador on Wednesday became the first nation in the world to approve the use of Bitcoin as legal tender.
The Central American country is the first nation in the world to accept Bitcoin as a form of payment.The so-called"Bitcoin Law" was originally proposed by President Nayib Bukele and passed the nation's legislative body with a majority of votes .Bitcoin banners are seen outside of a small restaurant at El Zonte Beach in Chiltiupan, El Salvador June 8, 2021.
MORE: Cryptocurrencies including Bitcoin plunge amid China clampdown fears, fallout from Tesla's U-turn The law notes that some 70% of the nation's population does not have access to traditional financial services, and paints bitcoin as a tool for democratizing wealth in the nation of about 6.4 million.
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