El Salvador Congress has enacted a law to convert cryptocurrency bitcoin into a legal tender. This is the first country in the world. President Naib Bukhale wants to stimulate the growth of the Central American country.
The first article of the law states that “the purpose of this law is to regulate bitcoin as a legal tender, with no limits on the relinquishment of power, and every transaction must be submitted to the head of state for approval.”
Last Saturday, Buckell announced his intention to legalize Bitcoin, with the aim of creating jobs and “enabling fundraising for thousands of people outside the legal economy.” “70 percent of people do not have a bank account and work in the informal economy,” he explained.
In El Salvador’s economy, which operates in US dollars, remittances from abroad are a major contributor to Salvador, accounting for 22 percent of GDP.
Experts say that the growing interest from companies and organizations that consider bitcoin to be very volatile, but stable, is slowly gaining widespread acceptance.
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