‘In the short term this will generate jobs and help provide financial inclusion to thousands and thousands in the informal economy’: President Nayib Bukele touts El Salvador's bitcoin push
Here's what the move means for bitcoin as a mainstream currency - and emerging markets such as El Salvador:El Salvador's law means bitcoin will have equal footing with the dollar, which became its official currency 20 years ago.
It remains little used for buying goods and services across the world, despite a growing number of major companies accepting it as payment. The government is guaranteeing convertibility to dollars at the time of transaction through a $150 million trust created at the country's development bank.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. REUTERS/Jose CabezasBitcoin was designed as a currency, yet many investors see it as an asset more akin to gold than a replacement for dollars, euros or yen.
Backers say it could catch on in emerging markets particularly, where people lack access to traditional financial services and have to pay costly fees for sending and receiving money.
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