Nayib Bukele, the president of El Salvador says there’s almost “a 100% chance” his bill to make Bitcoin legal tender will pass tonight.
In a Twitter Spaces conversation that happened just after 5AM UTC with 22,000 listeners he said the bill was currently in debate but as his party has 64 out of 84 seats he expects he’ll be signing off on the law later tonight or first thing tomorrow.
“It goes into effect immediately,” he said, clarifying the government would allow 90 days for the infrastructure to be put into place.
He said that accepting Bitcoin would be mandatory for all businesses. “They have to take it by law,” he said of merchants in the country. “If you go to Mexico they have to take your pesos.
“In the case of El Salvador Bitcoin is going to be legal tender as (is the) US Dollar.”
The government will also be releasing an official Bitcoin wallet (however this will not be