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El Salvador to become the world’s first country to add bitcoin as legal tender

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Shivangi Mujumdar Follow


Jun, 07 2021

Jun, 07 2021

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Nayib Bukele, El Salvador President plans to present legislation that will make it the world’s first sovereign nation to accept bitcoin as legal tender. In a recorded statement on Saturday (05-June’21), he stated he will submit the bill this coming week. 


El Salvador President strategy- 


Bukele specified the country is joining with digital wallet company, Strike, to shape modern financial infrastructure using bitcoin technology. CEO of Zap -Jack Mallers broadcast the news at the Bitcoin 2021 conference in Miami. He mentioned that his company is working with Bukele to get a plan for legal tender. 


The bill must still be planned by the country’s legislative assembly. But with the majority of Bukele's upstart political party in firm control of that body, approval seemed all but assured. 


El Salvador’s Nayib Bukele, Latin America’s newest president who’s recognized to break from the norms. He justifies stating that he plans to send legislation that would make Bitcoin legal tender in the country. 


Bukele stated in a video broadcast at the Bitcoin 2021 conference in Miami. He specified that “In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy”. He said he would give in to the legislature a bill next week. 


Great scope ahead-  


In a sequence of tweets, the 39-year-old President stated that Bitcoin could help boost the economy. El Salvador’s low banking penetration rate with 70% of the population doesn’t have a bank account. It could also recover with the use of Bitcoin, he stated, adding that it would ease faster transfers for $6 billion of remittances a year. 


As per the announcement- Current services can charge fees for such transfers, which can take days to reach and sometimes need to be picked up in person. Bitcoin, a virtual asset with no straight connection to the real economy, has seen great fluctuations in value over the years. He did not give more facts about how the policy would work. 


Most of the world's central banks are observing the option of creating their digital currencies. In April, the Bank of England said it was looking into generating digital money that would exist together with cash and bank deposits. 

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Shivangi Mujumdar

CBW - External Analyst


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