El Salvador Is Going To Become the First Country to Legalize Bitcoin

El Salvador is going to become the first country ever to legalize Bitcoin (BTC) and to accept it as both a legal tender and reserve asset. Bitcoin 2021 Conference in Miami is jolting the crypto market with different surprises spurting out in the market. Along with various positive news coming out of the conference, El Salvador’s acceptance of Bitcoin as a legal digital asset is going to be a landmark in the history of the crypto industry.

Nayib Bukele also shared his views in the recent Bitcoin 2021 conference about Bitcoin and the crypto market. Nayib Bukele is the businessman and politician of El Salvador and current president of El Salvador (since June 2019), and via a video, he shared his concerning opinions as he believes that to mitigate the pessimistic impacts enforced by the central banks, digital currency should be legalized and authorized. In addition, as the digital currency isn’t controlled by any central bank so the circulation of such currency should be brought into practice as it would be the alternative way to cope with the spreading negative impacts from the central banks.

Nayib Bukele disclosed this intention about legalizing the circulation of Bitcoin (BTC) as legal tender in El Salvador. He shared his intentions via video at Bitcoin 2021 Conference that he is going to constitute a law to carve out the possible way by which he is going to legalize Bitcoin and to utilize it as a lawful form of currency in the state. He affirmed to the media that he has planned to forward the proposed bill to Congress for further legal proceedings. And, if congress pass and pushes the bill by doing so, El Salvador is believed to become the first sovereign state to adopt virtual currency (BTC) as a legal tender against the fiat currency.

President of El Salvador convinced the concerned ones that central banks are taking severe actions to take currency circulation in their hands which is negatively affecting the economic stability of the state. So, adopting Bitcoin or virtual currency not only improve the economic stability of the state but also flood El Salvador with opportunities as well by giving jobs to the citizens of El Salvador and stability to the economy of the country.

Further explaining the scope of adopting Bitcoin, he said that not only the central bank of El Salvador would accept and adopt Bitcoin (BTC), but also the citizens would be freely allowed to perform their daily life transactions with Bitcoin (BTC). More interestingly, the president revealed that state officials have already collaborated with Strike (a digital wallet company) to develop the advanced financial infrastructure by using blockchain technology as well.

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