El Salvador plans to grant Bitcoin legal tender status
El Salvador will pass a law that makes the first cryptocurrency a legal form of money in the country. President Nayib Bukele announced this at the Bitcoin 2021 conference, according to Bitcoin Magazine.
“Next week I will send to Congress a bill that will make Bitcoin a legal form of payment,” Bukele said.
It was reported that his adviser was Jack Mallers, founder of the Strike payments platform, based on the Lightning Network solution Lightning Network. He also helped organise the presentation.
“More than 70% of Salvadoran adults do not have a bank account. They are not part of the financial system and asked me to help draft a plan, as they see Bitcoin as a currency of world-class stature,” Mallers explained.
According to him, the country is already working with Bitcoin companies and platforms to determine logistical solutions for the transition to cryptocurrency.
El Salvador has used the U.S. dollar since 2001, rather than a national currency.
Bukele joined Bitcoin supporters who expect the price to reach $100,000. In his Twitter photograph he posted “laser eyes”.
Some powerful interests will try to make this historical #Bitcoin move fail.
They know what it means if it succeeds.
It will.
— Nayib Bukele 🇸🇻 (@nayibbukele) June 6, 2021
“Powerful interests will try to derail the historic ascent of Bitcoin, because they know what will happen if it succeeds. It will,” he said.
As noted, there are already local communities in the country that have built a Bitcoin economy.
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