Salvadorean President Nayib Bukele said that the nation has adopted bitcoin as legal tender, a step he believes would create jobs and promote financial inclusion.
Bukele, Latin America’s youngest president, who is known to break from the norms, wrote on Twitter that lawmakers approved the legislation by a “supermajority.”
The 39-year-old leader has previously said that bitcoin could boost the economy, help counter El Salvador’s low banking penetration rate and facilitate faster transfers for US$6 billion of remittances a year.
<strong>ROUT RECOVERY</strong>
The move to make the virtual coin legal tender is a rare slice of good news for the largest cryptocurrency,