Central American nation, El Salvador is set to adopt leading cryptocurrency, Bitcoin as a legal tender.
This was declared by El Salvador’s President, Nayib Bukele, making it the first nation to adopt a cryptocurrency for everyday use.
Lawmakers of Congress already passed a bill on Tuesday to allow the famously volatile digital currency to be used for many aspects of daily life, from property purchases to tax contributions.
“The #BitcoinLaw has just been approved by a qualified majority” in the legislative assembly, President Nayib Bukele tweeted after the vote late Tuesday.
“History!” the president added.
According to the 39-year-old leader, a majority of 62 out of 84 lawmakers approved the bill, which he proposed just last week.
“This is a law that will put El Salvador on the world’s radar, we will be more attractive for foreign investment,” Romeo Auerbach, deputy of the Grand Alliance for National Unity party, an ally of Bukele, said.
The law passed with the support of Bukele’s allies despite minority opposition parties — who had criticised the speed of the vote — refusing to back it.
Cryptocurrencies have soared in popularity due to their use as a store of value, the relative anonymity they offer users and wild price fluctuations that present opportunities for greater profits than investing on the regular stock exchanges of the world.
However, the volatility of bitcoin — currently priced at $33,814 — and its murky legal status have raised questions about whether it could ever replace traditional currency in day-to-day transactions.
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