International

El Salvador will adopt bitcoin as legal tender, president says

LONDON, ENGLAND - MAY 30: In this photo illustration, a visual representation of Bitcoin cryptocurrency is pictured on May 30, 2021 in London, England. Bitcoin is a decentralised digital currency, which has been in use since 2009. (Photo illustration by Edward Smith/Getty Images)

(CNN) — El Salvador will become the first county to adopt bitcoin as a legal tender, Salvadorian President Nayib Bukele announced in a video recording shown during the Bitcoin 2021 conference held in Miami.

“Next week I will send to congress a bill that will make bitcoin a legal tender,” Bukele said, according to the conference’s organizer, Bitcoin Magazine.

Bukele said El Salvador partnered with digital finance company Strike to establish the logistics of the decision.

“Over 70% of the active population of El Salvador doesn’t have a bank account. They’re not in the financial system,” Strike CEO Jack Mallers said. “They asked me to help write a plan and that they viewed bitcoin as a world-class currency and that we needed to put together a bitcoin plan to help these people.”

El Salvador currently uses the United States Dollar as its official currency.

The-CNN-Wire
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