El Salvador is poised to become the world’s first sovereign nation to embrace Bitcoin (BTC) as legal tender.
In a video broadcast at the Bitcoin 2021 Conference, El Salvador President Nayib Bukele unveils his plans to introduce legislation that will recognize Bitcoin as a legally accepted currency in the country alongside the US dollar.
“Next week, I will send to Congress a bill that will make Bitcoin legal tender in El Salvador. In the short term this will generate jobs and help provide financial inclusion.”
According to Bukele, making Bitcoin a legal tender could have an immense impact on El Salvador’s economy.
“Bitcoin has a market cap of $680 billion dollars. If 1% of it is invested in El Salvador, that would increase our GDP (gross domestic product) by 25%.
On the other side, Bitcoin will have 10 million potential new users and the fastest growing way to transfer $6 billion a year in remittances.”
Of that $6