October 28, 2021

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Bitcoin has been established as the official means of payment in El Salvador

Bitcoin

El Salvador wants to do legal tender for cryptocurrency bitcoin.


(Photo: dpa)

Miami / San Salvador El Salvador wants to be the first country in the world to develop a legal tender for cryptocurrency bitcoin. This was announced by the President of the Central American country Naib Bukhale in a video message shown at the Bitcoin 2021 conference in Miami on Saturday. He will introduce the draft law to Congress next week.

According to Buckell, 70 percent of El Salvador’s population does not have a bank account. The ability to pay with Bitcoin will provide access to loans, savings, investments and secure transactions. Its aim is to create jobs in the short term and integrate thousands of people into a systematic economic cycle. “It will improve the lives and future of millions of people,” Buckell said. The official currency in El Salvador is the US dollar.

Recognizing Bitcoin as a legal tender should also make it easier for Salvadorans living abroad to send money home to their families. So far, relocations for more than a million low-income families have “lost a large portion of that $ 6 billion to intermediaries,” Buckell said. Most money comes from the United States, where a quarter of El Salvador’s citizens live.

Bitcoin is the most popular, completely digital currency used around the world to convert money anonymously in seconds. Unlike currencies such as the dollar and the euro, bitcoin is not regulated by a central bank. Cryptocurrency is very volatile and, therefore, in the view of many experts, it does not apply as a means of official payment. In the last twelve months alone, prices have risen several hundred percent again to more than $ 64,500. Most recently, a bitcoin was valued at about $ 36,000.
Buccaneer has ruled El Salvador since 2019. The 39-year-old politician presents himself as a modern, unusual head of state. He advises ministers to some extent on Twitter. On the other hand, his style of government is seen as dictatorial and a threat to democracy. In 2020, Buckell stopped troopers in parliament to put pressure on lawmakers to fund his defense concept.

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Further: El Salvador’s new head of state is just 37 – and very controversial

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