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.

El Salvador becomes the world’s first country to adopt bitcoin as legal tender https://t.co/r0myRHsDKZ

— CNBC (@CNBC) June 5, 2021

El Salvador President Nayib Bukele plans to submit legislation that will make Bitcoin legal tender in the republic, CNBC reports https://t.co/pG0vTXqgEf

— Bloomberg (@business) June 5, 2021

“Next week, I will send to congress a bill that will make #bitcoin legal tender in El Salvador. In the short term this will generate jobs and help provide financial inclusion,” Nayib Bukele said. https://t.co/sJ0HDEnX72

— Bitcoin News (@BTCTN) June 5, 2021

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.

Bitcoin to become legal tender in El Salvador, president says at cryptocurrency event https://t.co/pWS4KN5Yxi

— Newsweek (@Newsweek) June 6, 2021

#NewProfilePic pic.twitter.com/JrMUkryZuk

— Nayib Bukele 🇸🇻 (@nayibbukele) June 6, 2021

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.”

BREAKING: The President of El Salvador just announced that he is making Bitcoin legal tender in his country.

This is the first country to take such a courageous step, but it won’t be the last.

— Pomp 🌪 (@APompliano) June 5, 2021

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.

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