El Salvador makes bitcoin legal tender after vote in Congress, making it the first nation to adopt a cryptocurrency for everyday use
An employee at a Bitcoin support office explains how to make a transaction to a woman at El Zonte Beach in Chiltiupan, El Salvador, June 8, 2021.
"The #BitcoinLaw has just been approved by a qualified majority" in the legislative assembly, President Nayib Bukele tweeted after the vote late on Tuesday.The 39-year-old leader said a majority of 62 out of 84 lawmakers approved the bill, which he proposed just last week. Under the law, bitcoin must be accepted by firms when offered as payment for goods and services. Tax contributions can also be paid in the cryptocurrency.Government aims to shore up remittances through bitcoin
But El Salvador – a small nation where four out of 10 people live in poverty – has turned to the top crypto asset that has been backed by billionaires like Elon Musk and large financial companies such as PayPal in a bid to boost its remittance-reliant economy. Remittances from Salvadorans working overseas represent a major chunk of the economy – equivalent to roughly 22 percent of Gross Domestic Product.Before the vote, Bukele said adopting the cryptocurrency would bring "financial inclusion, investment, tourism, innovation and economic development" to the country.
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El Salvador Makes History As World’s First Country To Make Bitcoin Legal TenderI am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter theroberthart or email me at rhartforbes.com
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