El Salvador Seeks To Adopt Bitcoin As Legal Tender

El Salvador Seeks To Adopt Bitcoin As Legal Tender

El Salvador is attempting to become the first nation to use bitcoin as legal tender.

President Nayib Bukele announced that he would submit a bill to the Salvadoran legislature — which his “Nuevas Ideas” party presently controls — to make the cryptocurrency a valid medium of exchange in the small Central American nation.

As a cryptocurrency, bitcoin is neither managed by a central government nor tethered to a commodity such as gold or silver. It is transmitted digitally and protected from counterfeiting via encryption.

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“Next week, I will send to Congress a bill that will make bitcoin a legal tender in El Salvador,” said Bukele in a video debuted at the Bitcoin 2021 conference in Miami. “This will generate jobs and help provide financial inclusion to thousands outside the formal economy.”

Welcome to the future 🇸🇻 #Bitcoin pic.twitter.com/j30vcZVXvJ

— Nayib Bukele 🇸🇻 (@nayibbukele) June 5, 2021

Bukele later announced that the nation would not charge capital gains taxes on bitcoin and offer “immediate permanent residence

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