El Salvador Plans to make Bitcoin Legal Tender

El Salvador Plans to make Bitcoin Legal Tender

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El Salvador Plans to make Bitcoin Legal Tender in the country, The president of El Salvador is developing a bill to recognize bitcoin (BTC, -5.08%) as legal tender, according to President Nayib Bukele. In a videotaped announcement shown Saturday, he said he will submit the bill next week.

Nayib Bukele stated, “In the short term this will generate jobs and help provide financial inclusion to thousands outside the formal economy.”

El Salvador Plans to make Bitcoin Legal Tender

Zap’s Jack Mallers, CEO of Strike, a mobile payments app that was recently launched in El Salvador in March 2021, said in a statement that agreed with the President’s idea, that it has been working with the country to make using Bitcoin technology successful.

El Salvador Plans to make Bitcoin Legal Tender

Also, Jack Mallers announced the news at the Bitcoin 2021 conference in Miami. He said his company is working with Bukele to implement a plan.

“As of now, El Salvador is set to be the first bitcoin country,” Mallers said. “And the first country to make bitcoin legal tender and treat it as a world currency and have bitcoin on their reserves.”

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