El Salvador Becomes the First Country to Make Bitcoin a Legal Tender
North American country, El Salvador has become the first nation to make Bitcoin a legal tender
According to Reuters, the majority of the lawmakers approved a bill that was proposed by the president, making Bitcoin a legal tender
The country relies greatly on remittance from citizens abroad and money can now be sent back home easily with the cryptocurrency
El Salvador has made history after lawmakers in the country approved a bill that will make Bitcoin the legal tender of the North American country.
This makes the small nation the first country to sign such a bill into law after it was proposed by the president earlier this week.
President Nayib Bukele has backed the flagship coin to boost the economy through investment, tourism and innovation.
This makes sense as the small country relies on remittances and transfers from citizens who are working abroad.
According to president Bukele, the use of the cryptocurrency is optional and it will be made official in 90 days.
The government will also confirm the convertibility to the exact value in dollars at the time of a transaction.
What this means for Bitcoin and El Salvador
By signing Bitcoin into law as a legal tender, the use of the cryptocurrency will be accepted as payment in any part of the country.
This may also trigger other countries to do the same, moving Bitcoin closer to its goal of becoming a universal legal tender.