El Salvador has been hailed as the very first country in the world to formally adopt cryptocurrency as legal tender after the majority of Congress voted in favor of President Nayib Bukele’s Bitcoin proposal.
According to Bukele, a majority of 62 out of 84 lawmakers approved the bill. The Salvadoran leader believed that cryptocurrency will “bring financial inclusion, investment, tourism, innovation and economic development for our country.” Furthermore, he believed it can help Salvadorans living abroad in transferring remittances back home, preventing millions from being lost to intermediaries.
Find out more: https://www.channelnewsasia.com/news/business/el-salvador-approves-law-to-make-bitcoin-legal-tender-14978902
