El Salvador’s President Says Bitcoin Will Become Legal Tender at Cryptocurrency Event
Following a momentous statement on Saturday, El Salvador is expected to become the first country to use bitcoin as legal cash.
El Salvador’s president, Nayib Bukele, revealed at the Bitcoin 2021 conference in Miami that his government has collaborated with Strike, a digital wallet firm, to begin transitioning the country’s financial infrastructure to Bitcoin technology, according to CNBC.
According to reports, Bukele would introduce a law next week, which will still need to be approved by the country’s parliamentary assembly.
El Salvador became familiar with Strike in March, when the company’s newly launched mobile payments app became the country’s most downloaded app.
“What’s transformative here is that bitcoin is both the greatest reserve asset ever produced and a superior monetary network,” said Jack Mallers, founder and CEO of Strike. Investing in bitcoin can help shield emerging economies from the effects of fiat currency inflation.”
Because El Salvador’s economy is mostly built on cash, they feel the shift will benefit a large number of people. “They asked me to assist write a strategy, and they claimed bitcoin was a world-class money, and we needed to put together a Bitcoin plan to help these people,” Mallers said.
According to Bitcoin Magazine, El Salvador now has the unique advantage of bitcoin’s features, particularly as a largely digital store of value, because bitcoin is issued programmatically and is not controlled by any third party or central bank.
El Salvador, home to El Zonte, a bitcoin community that launched the Bitcoin Beach project, a sustainable Bitcoin Economic environment, is well-positioned to benefit from the transition.
We had a fantasy that El Salvador would be the first government to recognize Bitcoin as a legal tender, and our dream has come true! twitter.com/Chpudq3o7y pic.twitter.com/Chpudq3o7y
5 June 2021 — Bitcoin Beach (@Bitcoinbeach)
El Salvador already has a team of bitcoin leaders to help reshape the financial landscape with bitcoin as the foundation, according to CNBC. While details on the rollout have yet to be released, the country already has a team of bitcoin leaders to help reshape the financial landscape with bitcoin as the foundation.
The Bitcoin 2021 conference seemed to be buzzing with activity. Floyd Mayweather, a professional boxer, gave a speech on Friday in which he discussed competition and underlined the importance of teamwork.
“Everyone please come in.” This is a condensed version of the information.