El Salvador President Reveals Plan to Make Bitcoin a Legal Tender June 7, 2021 June 7, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsJune 7, 2021 by Kelly Cromley

El Salvador President Reveals Plan to Make Bitcoin a Legal Tender

El Salvador’s president, Nayib Bukele, declared during the Bitcoin 2021 conference in Miami that he intends to make Bitcoin legal tender in his nation. The president said that he will present a bill to Congress with the plan in the coming week.

President Bukele has the backing of the majority of the people, and political analysts believe his proposal will pass. The Bitcoin community has reacted positively to the long anticipated news.

The president also announced that the government will work with Strike, a digital wallet firm, to build the framework required for using Bitcoin. Bitcoin will perform a significant role in the small Central American country, where around 70% of the population has no bank account, in keeping with the ‘banking the unbanked’ storyline.

Additionally, migrant money accounts for around 20% of the country’s gross domestic product (remittances). Bitcoin will play a key part in this by allowing for quick, transparent, and secure transactions. As a developing nation, it may also safeguard itself from inflation by keeping Bitcoin, according to Strike founder Jack Maller.

“What makes bitcoin so revolutionary is that it’s also the largest reserve asset and a smarter monetary network. Investing in bitcoin can help shield emerging economies from the effects of fiat currency inflation.”

President Bukele’s excitement was reflected in his desire to become a member of the “laser eyes” campaign, which he announced on Twitter. This is a initiative that started shortly after Bitcoin reached the $60,000 mark, with the goal of leading a buy-and-hodl effort all the way to $100,000. The president’s profile photo has been modified to include the layer eyes.

El Salvador is a small country with a small economy, yet this is seen as a positive development for global economies. It’s also been interpreted as a shot across the bow of other foreign economies. The Bitcoin community as a whole has been ecstatic, with industry leaders promising to help the country. The CEO of Blockstream, Adam Back, stated that this current development was unavoidable.

“We’re glad to aid El Salvador on its road towards acceptance of the Bitcoin Standard,” he continued, adding that he was ready to supply technologies such as Liquid and satellite connectivity. Companies and institutions are urged to help the people of El Salvador in the genuine ethos of the Bitcoin community, with the goal of educating them about financial independence and the function Bitcoin will serve in their lifestyles.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.