Cryptocurrency

El Salvador to Become the First Country to Accept Bitcoin for Payments

El Salvador to Become the First Country to Accept Bitcoin for Payments

El Salvador to Become the First Country to Accept Bitcoin for Payments

  • Central American country El Salvador may become the first nation to accept Bitcoin as a legal tender

  • President Nayib Bukele announced on Saturday that he will send a bill to the congress in the new week to make BTC a means of exchange

  • El Salvador is currently working with payment app, Strike to launch BTC technology in the country.

Central American Country El Salvador is set to become the first country to accept Bitcoin as an official means of exchange.

El Salvador

This is coming after the President of the country, Nayib Bukele announced that he will send a bill to the senate to make the flagship coin a legal tender.

In a video that was broadcasted at the 2021 Bitcoin conference in Miami, Bukele claimed that the cryptocurrency was capable of creating jobs and improving their economy.

Nayib Bukele, President of El Salvador

El Salvador is currently working with payment company, Strike to develop and release BTC technology across the country.

According to Jack Mallers, founder of Strike, over 70% of Salvadorians do not have an official bank account.

By adopting a digital currency as legal tender, the country will have access to an efficient open payment network.

Bitcoin

Read also: BTC Could Reach $125,000 in 2021 -Fundstrat Advisors

Research has shown that Bukele’s New Ideas party has major control of the Legislative Assembly, which makes the chances of the bill approval very high.

This is not El Salvador’s first relationship with Bitcoin, in March strike became the number one downloaded app in the country after it was launched.

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