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El Salvador’s President Sends A Bill To Make Bitcoin Legal Tender

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SAN SALVADOR: El Salvador’s President Naib Bukele said Saturday (June 5) that he will submit a bill to Congress next week to make bitcoin legal tender in a Central American country, touting its potential to help Salvadorans living abroad send money transfers home.

“In the short term, this will create jobs and help provide access to financial services for thousands of people outside the formal economy,” Bukele said in a video shown at the Bitcoin 2021 conference in Miami.

Strike, a mobile payments app that launched in El Salvador in March, said in a statement that it welcomes the law and is working with the country to make Bitcoin a success.

“This is the chance the world is hearing for bitcoin,” Strike founder and CEO Jack Mullers, who presented the Bukele video, said at a conference in Miami.

“The native digital currency adoption as legal tender provides El Salvador with the safest, most efficient and globally integrated open payment network in the world,” Mallers said.

Bukele on Twitter called promoting financial inclusion a “moral imperative” as well as a way to grow El Salvador’s economy by providing access to credit, savings, investment and secure transactions.

In terms of remittances, Boukele said that currently “most of that $ 6 billion is lost to intermediaries. By using bitcoin, the amount received by over a million low-income families will increase by billions of dollars each. year”.

He pointed out that 70 percent of El Salvador’s population does not have a bank account and work in the informal economy.

“It will improve the lives and the future of millions of people,” Bukele said.

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