El Salvador: Bukele plans to make Bitcoin legal tender

Source: BBC News [UK state media]

“El Salvador’s president says he will make the Bitcoin cryptocurrency legal tender in the country. If his plan is backed by congress, the Central American country would be first in the world to formally adopt the digital currency. It would be used alongside the US dollar, El Salvador’s official currency. President Nayib Bukele says Bitcoin will make it easier for Salvadorans living abroad to send payments home. ‘In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy,’ Mr Bukele told a Bitcoin conference in Florida, adding that it could also boost investment to the country. He said he would send the legislation to congress next week. Should it pass, the move would open up financial services to the 70% of Salvadorans who do not have bank accounts, the president said.” (06/06/21)