Bitcoin is legal tender!!!

Bitcoin is legal tender in El salvador country. Bitcoin bill has approved by congress and president announced that bitcoin is legal tender now in the country.

El Salvador's President Nayib Bukele has announced through his Twitter account that he plans to make Bitcoin, the original and premier cryptocurrency, as a legal tender in their country. If the El Salvador President's proposal goes through, El Salvador will become the first country in the world to legally use Bitcoin as a digital legal tender. Read on to know more about President Bukele's decision to make Bitcoin a legal tender and what it will mean for the crypto community in general.

El Salvador Bitcoin Legal Tender

President Bukele is set to push the Bitcoin legal tender legislation to congress in the coming week. The BBC also reported that 70 per cent of El Salvador's population does not have access to a bank account or banking system. There are a couple of reasons President Bukele is pushing to make Bitcoin a legal tender in the country. Firstly, more than 2 million El Salvador residents live outside their country for work and send more than $4 billion dollars back home to their families in the form of remittance.

What is a Legal Tender?

Essentially, any government-supported or backed currency is a legal tender. Every country has its own form of legal tenders, such as the Rupee in India, Pound in the UK, Dollar in the US. Legal tender can be used to make payments and purchase goods, as well as a legal store of currency.

Bitcoin as Legal Tender: What does it mean for the crypto world?
President Bukele's decision to enforce Bitcoin as a legal tender could have huge long-term implications. As he himself mentioned in a set of Tweets, over 70 per cent of El Salvador's population do not have access to banking. Using Bitcoin could replace the same service that banks provide, a fast, cheap, and reliable way to make and receive payments, without the hassle and the fees of using banking services. This could potentially encourage other smaller countries with weaker economies to open up to crypto as an alternative to fiat currencies, paving the way for mainstream future adoption worldwide. Already, Venezuela and many African countries have started using cryptocurrencies as a long term store of value, as their currencies are deflating quickly. Some other countries also plan to make bitcoin is legal tender.
Posted On: Jun 09, 2021

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