Bitcoin Is Now Legal Currency in El Salvador
El Salvador has become the first country to approve Bitcoin as the official currency.
El Salvador, is a small coastal country in Central America. Currently the currency used in El Salvador is the US Dollar. On 9th June, President Nayib Bukele announced on Twitter that they have become the first country to approve Bitcoin as their official currency. He also announced that people who invest 3 Bitcoins in El Salvador will get citizenship of El Salvador. Bukele made the announcement after the Parliament passed his bill to make Bitcoin the official currency. The bill was passed after getting 62 out of possible 84 votes.
Following this move, citizens of El Salvador will be able to buy and sell using Bitcoin. They can also pay tax using bitcoin. When the news broke out, those who invested in Bitcoins were very happy but it won’t be easy for other countries to replace fiat currency with digital money. One of the reasons why El Salvador was able to do it is because it doesn’t have its own currency. The country currently uses the US dollar as the official currency.