El Salvador, a Central American nation, will be the first to make Bitcoin legal cash, according to President Nayib Bukele, who made the news at the Bitcoin Conference in Miami.
Nayib Bukele, in a video address to the audience, claimed that central banks are progressively pursuing moves that might jeopardize El Salvador’s economic stability. Nayib Bukele also said that he would propose a measure to Congress next week making bitcoin legal currency in El Salvador. In the medium term, this will create employment and enable thousands of individuals to access financial services.
The country’s central bank will accept Bitcoin as part of its reserves, and residents will be able to trade Bitcoin freely.
Jack Mallers’ statement
An emotional statement from Jack Mallers, CEO of Bitcoin Lightning payments firm Strike, preceded the news. Mallers, whose firm has been working in El Salvador to help residents join the Bitcoin network, highlighted some of the country’s current financial system flaws.
Fees on remittances entering the nation often account for more than half of the total sum, according to Mallers. Over 70% of El Salvador’s working population does not have a bank account. They don’t participate in the financial system. He said that the government had requested him to assist in creating a plan. They considered bitcoin a world-class currency and needed to put together a Bitcoin strategy to assist these individuals.
Mallers had aided the government in drafting legislation that would allow for such widespread Bitcoin adoption. He intended to open-source the work in a series titled “Bitcoin for Countries” that has yet to be published.
Source: A section of the bill from El-Salvador
El Salvador would have been the first nation in the world to make such a bold step by accepting Bitcoin as legal cash, and it is hoped that it would not be the last as more nations warm up to Bitcoin.