El Salvador first country to approve bitcoin as legal tender

10 June, 2021 12:00 AM printer

El Salvador first country to approve bitcoin as legal tender

SAN SALVADOR: Bitcoin is to become legal tender in El Salvador, the country’s president said, making it the first nation to adopt a cryptocurrency for everyday use.

Lawmakers in the Central American nation’s Congress passed a bill late Tuesday that will eventually allow the famously volatile digital currency to be used for many aspects of daily life, from property purchases to tax contributions, reports AFP. “The #BitcoinLaw has just been approved by a qualified majority” in the legislative assembly, President Nayib Bukele tweeted after the vote late Tuesday.  “History!” the president added. The 39-year-old leader said a majority of 62 out of 84 lawmakers approved the bill, which he proposed just last week.

The law passed with the support of Bukele’s allies despite minority opposition parties — who had criticised the speed of the vote — refusing to back it.


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