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El Salvador Will Make Bitcoin Legal Tender, President Announces

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El Salvador’s president Nayib Bukele has announced plans to make the Central American country the first in the world to recognise Bitcoin as legal tender. 

Bukele said yesterday that he will propose a bill to formally accept the cryptocurrency as legal tender, stating this will generate jobs and provide financial inclusion to thousands outside the formal economy.

“Next week, I will send to Congress a bill that makes Bitcoin legal money,” the president said during a video message to the Bitcoin 2021 conference in Miami.

On Twitter, Bukele said Bitcoin has a market cap of $680 billion and that if even 1% of that is invested in El Salvador, the country’s GDP will increase by 25%.

“Furthermore, 70% of El Salvador’s population doesn’t have a bank account and work in the informal economy,” he said.

“Financial inclusion is not only a moral imperative, but also a way to grow the country’s economy, providing access to credit, savings, investment and secure transactions.”

“We hope that this decision will be just the beginning in providing a space where some of the leading innovators can reimagine the future of finance, potentially helping billions around the world.”

Do you think other countries will follow suit? 

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Tim is interested in the rapid evolution of human society brought about by technological advances. He’s passionate about justice, human rights and cutting-edge political debates. You can follow him on Twitter at @timdiacono or reach out to him at [email protected]

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