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El Salvador Could Make Bitcoin a Legal Tender

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  • El Salvador’s President, Nayib Bukele intends to make Bitcoin a Legal Tender.
  • He said he will pass a bill to the country’s congress on a video at the Bitcoin 2021 Conference.
  • The country will partner with Strike to build a modern financial framework.

El Salvador’s president, Nayib Bukele, makes a huge announcement at the Bitcoin 2021 Conference in Miami. He says he intends to send a bill to his country’s congress to make Bitcoin (BTC) a legal tender.

Bukele announced this intention via a pre-recorded video that played at the conference. His words led to thunderous applause from the conference attendees. Consequently, if El Salvador’s congress passes the bill, El Salvador will be the first sovereign country ever to adopt Bitcoin as a legal tender.

The video aired during Jack Mallers’ talk. He is the Founder of Strike, the crypto wallet built for Lightning Network. This was in line with Bukele’s announcement where he also mentions that his country will be partnering with Strike.

Strike will help El Salvador build a modern financial framework by using Bitcoin technology. Furthermore, Mallers adds,

“What’s transformative here is that Bitcoin is both the greatest reserve asset ever created and a superior monetary network. Holding Bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation.”

Mallers claims that there is much potential in El Salvador. In his three months of living in the country, he noticed how 70% of the population doesn’t hold a bank account. Additionally, it seems that 20% of the nation’s GDP comes from remittances sent by non-residents to their families back home.

Strike made its appearance in the country in March. Mallers mentions that the app sees over 20,000 residents join the app per day. Lastly, he says that the new initiative of using Bitcoin as a Legal Tender will be a huge step for both the country and Strike. The Bitcoin 2021 Conference has an interesting array of ideas and possibilities to discuss. Some countries have taken a huge interest in Bitcoin and its possibilities. For instance, Miami has begun taking measures to implement Bitcoin mining in the city. Moreover, a pharmacy near the conference is accepting Bitcoin as payment for rapid Covid-19 tests.

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