During the Bitcoin 2021 conference, the President of El Salvador stated that he would like to recognize Bitcoin as legal tender. Now the bill has been passed in Congress.
In addition, accepting bitcoin will be an obligation for all businesses in this small country. He said that bitcoin will be just as legal as any other currency in circulation.
It is worth noting that President Nayib Bukele will talk to the International Monetary Fund, and the government will set up a bitcoin wallet, which will hold the equivalent of $150 million. For now, however, it does not intend to store the cryptocurrency in the form of a currency reserve, but does not rule it out in the future.
He also mentioned the possibility of mining BTC by the state. Thus, this El Salvador became the first country in the world to accept Bitcoin. It is difficult to say whether we are dealing with a revolution, but it is definitely a good sign.
It would have been so great to put forward tokens like DAI, Dash, Digibyte or Litecoin. I hope they know what they are doing with BTC that volatile and slow and terribly costly for small transactions.
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