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El Salvador to become the first country in the world to legally accept cryptocurrency

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El Salvador’s President Nayib Bukele said on Saturday that he will send a bill to Congress next week to make Bitcoin legal tender in the country.

If the bill is passed, the Central American country will become the first in the world to legally accept the well-known cryptocurrency

“In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy,” Bukele said in a video shown at the Bitcoin 2021 conference in Miami.

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Rolling out Bitcoin in El Salvador
El Salvador is working with Strike, a mobile payments app that launched in the country in March, to roll out the Bitcoin technology.

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“Over 70% of the active population of El Salvador doesn’t have a bank account. They’re not in the financial system,” Jack Mallers, founder of the mobile payments app said at the conference on Saturday.

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