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June 9th, 2021
Jose Cabezas / reuters
El Salvador s President Nayib Bukele has made good on his promise to adopt Bitcoin as legal tender. Officials in the Central American country s congress voted to accept the cryptocurrency by a majority of 62 out of 84 votes, reports
CNBC. In a worldwide first, El Salvador will accept Bitcoin as legal tender alongside the US dollar in 90 days, according to the
BBC. The law effectively means the cryptocurrency can be used as payment for goods or services unless a business cannot provide the tech required to facilitate the transaction.
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Ahead of the vote, Bukele tweeted that adoption would bring financial inclusion, investment, tourism, innovation and economic development for our country. He previously said the law would boost financial inclusion for the roughly 70 percent of Salvadorans who don t have bank accounts. It could also help to speed up money transfers for the country which heavily relies on remittances from migrants.
El Salvador s dollarized economy relies heavily on money sent back from workers abroad, with President Nayib Bukele saying the law would prevent billions being lost to intermediaries.
Let’s not kid ourselves, a person like Steve Hanke has enormous incentives to defend the status quo. He’s benefited tremendously from it. It could be argued
El Salvador aprueba el Bitcoin como moneda de curso legal: Es el primer país del mundo en hacerlo emol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from emol.com Daily Mail and Mail on Sunday newspapers.