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El Salvador may become the first country to accept bitcoin as legal tender.
Reuters reported that the country’s president, Nayib Bukele, said he was looking to introduce legislation that will recognize the cryptocurrency the same way as the US dollar, which the country currently uses.
He made the comments at the Bitcoin 2021 Conference on Saturday. “Next week I will send to Congress a bill that will make bitcoin a legal tender,” said Bukele.
The leader said he would partner with digital-wallet company Strike to build the necessary financial infrastructure, using bitcoin technology.
The plan aims to assist Salvadorans living abroad in transferring funds home. “In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy,” Bukele said.
#Bitcoin has a market cap of $680 billion dollars.If 1% of it is invested in El Salvador, that would increase our GDP by 25%.On the other…