El Salvador will undertake bitcoin as authorized tender, president says

El Salvador will adopt bitcoin as legal tender, president says

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“Next week I will send to congress a bill that will make bitcoin a legal tender,” Bukele said, according to the conference’s organizer, Bitcoin Magazine.

Bukele, a 39-year-old, right-wing populist who rose to power in 2019, has a strong majority of 56 out of 84 seats since a landslide victory in legislative elections last March. That means passage of the bill is likely.

Bukele said El Salvador partnered with digital finance company Strike to establish the logistics of the decision.

“Over 70% of the active population of El Salvador doesn’t have a bank account. They’re not in the financial system,” Strike CEO Jack Mallers said. “They asked me to help write a plan and that they viewed bitcoin as a world-class currency and that we needed to put together a bitcoin plan to help these people.”

El Salvador currently uses the United States Dollar as its official currency.

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