El Salvador will be the first country to adopt bitcoin as legal tender
What Cryptocurrency was Made to Do
President Nayib Bukele of El Salvador announced over the weekend that he plans to introduce legislation that will make his country the world’s first to adopt bitcoin as legal tender along with the US dollar.
He further stated, " Next week I will send to Congress a bill that will make Bitcoin a legal tender in El Salvador," Bukele said. "In the short term this will generate jobs and help provide financial inclusion to thousands outside the formal economy and in the medium and long term we hope that this small decision can help us push humanity at least a tiny bit into the right direction."
I don't know all the details but this move by President Bukele is in line with what cryptocurrency and bitcoin was designed to do; to resist inflationary pressure of fiat money and create a more inclusive economy to benefit a wider society of citizens. It could be possible that this bold step could have been pushed up by the economic impact of COVID19, especially on developing economies. However, whatever, the reason I am inspired by the visionary and caring move of this young president of 39 years of age.
We are Moving to El Salvador
The US Dollar is currently El Salvador’s official currency and a quarter of El Salvador’s citizens live in the US and last year, they sent home more than $6 billion in remittances.
He said a chunk of those transfers were currently lost to financial institutions, adding that more than a million poor families could benefit from the use of bitcoin which operates outside of the centralised monetary system.
He added that 70 percent of people in El Salvador don’t have a bank account and operate outside of formal financial infrastructure. Bitcoin could give those people access to the country’s financial systems, he said.
If you are a bitcoin entrepreneur then pack your bags as El Salvador is giving immediate residency to crypto currency business owners. Now this is what we call visionary!