El Salvador Legalizes Bitcoin as Legal Tender

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“The #BitcoinLaw has just been approved by a qualified majority in the legislative assembly”

El Salvadoran Congress has passed into law a bill legalizing Bitcoin as legal tender in the country.

The President of El Salvador, Nayib Bukele on last week sent a bill seeking to make Bitcoin a legal tender in the Central American country. According to the President on his Twitter handle, out of 84 members of the parliament, 62, which represent majority voted in favour of the bill. 

“The #BitcoinLaw has just been approved by a qualified majority in the legislative assembly”

“History!” Bukele tweeted.

The President said this will bring about financial inclusion, investment, tourism, innovation, and economic development to his country.

 With the passage #BitcoinLaw, El Salvador has become the first country in the world to legalize the use of Bitcoin and indeed cryptocurrency for payments.

This is coming at a time cryptocurrency is receiving blows from some countries like Nigeria, China, Iran who are banning their commercial banks  from partaking in cryptocurrency transactions. Iran has gone further to clamping down on the cryptocurrency miners.

Read also: China Clamps Down on Cryptocurrency Miners

UK is currently working on introducing its own government approved digital currency, Britcoin.

Crypto currency market is very volatile at the moment as Bitcoin is currently trading at $33,814. 

Financial analysts predict that cryptocurrency would take over traditional currently for business transaction payments in the nearest future

Related: Bitcoin to Plunge Further as Iran Bans Bitcoin Mining

Ikechukwu Evegbu

Ikechukwu Evegbu is a graduate of Statistics with over 10 years experience as Data Analyst. Worked with Nigeria's Federal Ministry of Agriculture and Rural Development. A prolific business development content writer. He's the Editor, Business Compiler

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