Skip to main content
WeLoveCrypto.com may receive compensation from affiliate partners for some links on the site. Read our full Disclosure here.

El Salvador President Plans To Make Bitcoin Legal Tender


President of El Salvador Nayib Bukele just announced that he plans to make El Salvador the world’s first country to make Bitcoin legal tender.

In one of the world’s biggest bitcoin conferences, President Nayib Bukele stated that El Salvador has partnered with digital wallet company “Strike” to help build El Salvador’s financial infrastructure by using Bitcoin.

He went on to say that “next week I will send to congress a bill that will make bitcoin a legal tender”.

Many are speculating that the move by El Salvador will encourage other countries to adopt Bitcoin as legal tender which would ultimately lead to the price of Bitcoin and other cryptocurrencies to rise.

CNBC covered the story, check out what they had to share:

El Salvador is looking to introduce legislation that will make it the world’s first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar.

In a video broadcast to Bitcoin 2021, a multiday conference in Miami being billed as the biggest bitcoin event in history, President Nayib Bukele announced El Salvador’s partnership with digital wallet company, Strike, to build the country’s modern financial infrastructure using bitcoin technology.

“Next week I will send to congress a bill that will make bitcoin a legal tender,” said Bukele.

Jack Mallers, founder of the Lightning Network payments platform Strike, said this will go down as the “shot heard ’round the world for bitcoin.”

“What’s transformative here is that bitcoin is both the greatest reserve asset ever created and a superior monetary network. Holding bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation,” continued Mallers.

Newsweek got the scoop too:

l Salvador is likely to become the first country to adopt bitcoin as a legal tender after a groundbreaking announcement on Saturday.

The president of El Salvador, Nayib Bukele, announced at the Bitcoin 2021 conference in Miami that the country of El Salvador has partnered with Strike, a digital wallet company, to begin turning the financial infrastructure of the country to Bitcoin technology, reported CNBC.

Bukele will reportedly submit a bill next week, which will still have to be passed by the country’s legislative assembly.

El Salvador has become acquainted with Strike when, in March, Strike’s freshly launched mobile payments app became the number one downloaded app in the country.

Strike’s founder and CEO Jack Mallers said: “What’s transformative here is that bitcoin is both the greatest reserve asset ever created and a superior monetary network. Holding bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation.”

The bill by President Bukele still has to be passed by Congress but it already has many people thinking which country will be next to adopt Bitcoin as legal tender.

Want more? To stay up to date on all our news, please follow us on Facebook here:


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

We Love Crypto
Thanks for sharing!
Send this to a friend