Amidst the rapidly growing crypto market, El Salvador on Wednesday became the first-ever country to legalize the cryptocurrency Bitcoin. It is a small coastal country which is located in Central America. The above information was approved by the parliament of the country El Salvador who finalized the decision after seeking the perspectives of its members. Out of 84 problem, 62 of them showed their agreement and thus due to supermajority, the parliament gave its approval in making Bitcoin an official cryptocurrency or a legal tender in the country.
El Salvador Makes Bitcoin Legal Tender:
After making the decision, El Salvador Congress issued their approval on June 9. A separate bill has been prepared that states that from now, bitcoin will be considered as the legal tender in the coastal country. While the president of the history-making country Nayib Bukele made an announcement either. The president stated that any person who will invest Bitcoin in El Salvador will be deserving to receive the country’s citizenship. Further, it was clarified that anyone who invests around three Binance coins in the country will get the respective citizenship from the authorized government.
Describing the newly added law a bit, it states that the government has given the approval so that the coins become unrestricted in the country. Also, so it can be used easily during any kind of transaction. Now, following the aforementioned rule, all the citizens of the country would be free to utilize bitcoin as they can be making any payment through these virtual currencies. Whether it’s a tax contribution or any other payment required thing, they can freely use Bitcoin as their mode of payment.
El Salvador’s State to Promote Bitcoin:
Predicting the future of the cryptocurrency market, El Salvador has paved the way for other countries as well. However, it won’t be easier for them. Now, you must be wondering how did El Salvador make this sudden decision of legalizing Bitcoin. Well, it could only become possible because of the country not having any national currency. Yes, El Salvador doesn’t have its individual currency and the citizens of the country use US dollars. So the reason that the country approved Bitcoin as the official currency is because it uses dollars.
The law also states that almost 70% of El Salvador’s existing population is unaware of these financial services. They don’t have access to these virtual currencies either. Thus, the state will take the responsibility to spread awareness regarding the same along with promoting essential training so that the citizens could easily access the digital coins transactions. The state will also train the general population about the proper mechanism and key things about Bitcoin.
Earlier the president Nayib Bukele had stated that he is planning to send a bill to Congress regarding making bitcoin legal tender in the Central American nation. He has mentioned that it will help the citizens living abroad while this decision will result in the citizens getting more job options. It will generate those jobs and altogether it will help with the financial situation of the country. Bukele had stated this at the Bitcoin conference held in Miami in 2021.