Bitcoin is now authorized tender in El Salvador
A majority of lawmakers have approved a proposal from Salvadorian President Nayib Bukele that will allow bitcoin to be used as legal tender in the country alongside the US dollar.
The law states that “all economic agents shall accept bitcoin as a form of payment when it is offered by the purchaser of a good or service.” It also says that tax payments can now be made in bitcoin.
Bukele, 39, is a right-wing populist who rose to power in 2019. He previously said that El Salvador would partner with digital finance company Strike to establish the infrastructure required to support the use of bitcoin as an official currency.
In a tweet prior to the vote, Bukele said that using bitcoin as legal tender would promote financial inclusion, tourism, innovation and economic development. El Salvador is the smallest country in Central America, and while it was quick to contain the coronavirus pandemic, its economy was hard hit last year, according to the World Bank.
The future of digital currencies
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