El Salvador: Regime Approves Bitcoin As Legal Tender

Source: International Business Times

“Bitcoin is to become legal tender in El Salvador, the country’s president said, making it the first nation to adopt a cryptocurrency for everyday use. Lawmakers in the Central American nation’s Congress passed a bill late Tuesday that will eventually allow the famously volatile digital currency to be used for many aspects of daily life, from property purchases to tax contributions. … El Salvador — a small nation where four out of 10 people live in poverty — has turned to the top crypto asset that has been backed by billionaires like Elon Musk and large financial companies such as PayPal in a bid to boost its remittance-reliant economy. El Salvador’s main currency is the US dollar and it remains unclear how the country plans to implement bitcoin as a functioning currency.” (06/09/21)