in image bit coin illustration
After Congress accepted the President Nayib Bukele's request to accept cryptocurrencies, El Salvador became the first country in the world to officially recognize Bitcoin as a legal exchange.
The majority of the legislatures with 62 out of 84 available votes voted in favor, despite their worry about the prospective effects of the International Monetary Fund on El Salvador's program, of creating legislation to legally embrace bitcoin.
Bukele has used bitcoin to enable Salvadorans living abroad to transfer cashback home while stating that the U.S. dollar also would continue to be a legal tender. Bukele said in a tweet just before the vote in Congress, which is controlled by his party and allies: "It will bring financial inclusion, investment, tourism, innovation, and economic progress to our nation."
He said that the use of bitcoin will not pose threats to users if used as an alternative. It will become law in 90 days for usage as a legal tender. "The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction," Bukele said.
The dollarized economy of El Salvado is mainly dependent on money returned from foreign labor. The World Bank figures indicate that transfers to the nation in 2019, one of its largest proportions in the world, accounted for around $6 trillion or almost a fifth.
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