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First country to tender for bitcoins – El Salvador

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First country to tender for bitcoins - El Salvador

A country in Central America, the Republic of El Salvador, yesterday became the first country in the world to officially accept Bitcoin as legal tender. The Reuters report mentions that the overwhelming majority of lawmakers approved the bill, with final approval given by President Nayyib Bukele, citing the fact that it will be used to stimulate the South American economy.


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The country’s economy relies on incoming remittances, and a huge number of those working overseas can send money home in bitcoin (BTC). “This will bring financial inclusion, investment, tourism, innovation and economic development to our country. The government guarantees convertibility to the exact dollar value at the time of each transaction. ” the president said on Twitter.

He also mentioned that the use of bitcoin will be optional for everyone, and its use will not bring risk to users. The use of cryptocurrency as legal tender is said to take effect within 90 days. Research from The World Bank showed that remittances to El Salvador amounted to almost $ 6 billion in 2019, which is 1/5 of the total economy, which is one of the highest rates among countries in the world.


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According to the same reports, the president is pushing for a program worth $ 1 billion or more. This news could lead to a domino effect, and we can see many other countries embrace the use of bitcoin as legal tender in the coming weeks. Stay tuned for all updates on cryptocurrency trading and more. ReadScoops.com


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