El Salvadore officially becomes the first country in the world to approve Bitcoin as legal tender. The El Salvador Congress on June 9 approved a bill making Bitcoin a legal tender in the country. The announcement regarding the biggest move in the field of cryptocurrency was made by El Salvador President Nayib Bukele through Twitter.
“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” Bukele said in a tweet.
Moreover, people owning bitcoins will be able to apply for citizenship in the country. Also, credit to this bill, Bitcoin price jumped above $36,000 on Thursday.
Sumit Gupta, chief executive and CoFounder of CoinDCX says, “The economy of El Salvador and it’s dependence on remittances is the key reason for their shift to Bitcoin. This will be the first-ever instance of a country adopting Bitcoin as legal tender and it will be interesting to see what happens once this shift takes place.”
To those who don’t know, Bitcoin (₿) is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.