El Salvador President says will send bill to make bitcoin legal tender

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El Salvador President says will send bill to make bitcoin legal tender

On Saturday, Nayib Bukele, the President of El Salvador, a Central American economy on the South Pacific which relies almost entirely on foreign remittances, said that he would hand out a bill to the country’s Congress as early as next week in a bid to make bitcoin, the original cryptocurrency, a legal tender in the country, marking up a milestone event for the crypto asset which has long been seeking an entrance into mainstream economy despite a pile of obstacles instituted by Central Bank Chairs across the globe.

Aside from that, Bukele, the President of El Salvador, the lower-middle-income country that has been facing off a decade-long fiscal inequality with the country’s richest 10 per cent earning nearly 15-fold of average Salvadorans, had also touted the crypto asset’s potential to help Salvadorans residing and working abroad send remittances home.

Speaking in a video shown at an ongoing 2021 Bitcoin conference in Miami, Bukele said, “In the short term this will generate jobs and help provide financial inclusion to thousands outside the formal economy”.

El Salvador to legitimate Bitcoin as a legal tender

On top of that, followed by the remarks of Bukele, cheering over the comments of El Salvadoran President, the country’s mobile payment start-up Strike that launched its operation on March this year, said in a statement that it welcomed the legislation and would work should-to-should with the Government in order to make bitcoin technology a success.

Meanwhile, speaking at the Miami Bitcoin conference 2021, Strike founder and Chief Executive Jack Mallers who had introduced Bukele’s video in the conference, said in a statement, “This is the shot heard ‘round the world for bitcoin.’ Adopting a natively digital currency as legal tender provides El Salvador the most secure, efficient and globally integrated open payments network in the world”.

Bitcoin was last trading 0.34 per cent lower to $35,636.3 on Monday’s early morning Asia-Pacific trading hours after taking a tattering header of 7 per cent on Friday, while smaller crypto asset Ethereum was trading 1.41 per cent higher to $2,663.5.