El Salvador is expected to become the world's first country to adopt Bitcoin as legal tender



President Nayib Bukele of El Salvador , a small nation located in Central America, made a video appearance at the Bitcoin event 'Bitcoin 2021' held in the United States on June 4, 2021, 'Bill to make Bitcoin legal tender' Will be submitted to Congress next week. ' If Bitcoin is recognized as fiat currency, El Salvador is expected to become the world's first sovereign state to adopt Bitcoin as fiat currency.

El Salvador looks to become the first country to adopt bitcoin as legal tender
https://www.cnbc.com/2021/06/05/el-salvador-becomes-the-first-country-to-adopt-bitcoin-as-legal-tender-.html

Strike Drives Bitcoin Forward as El Salvador Becomes World's First Country to Adopt Bitcoin as Legal Tender | Business Wire
https://www.businesswire.com/news/home/20210605005045/en/Strike-Drives-Bitcoin-Forward-as-El-Salvador-Becomes-World%E2%80%99s-First-Country-to-Adopt- Bitcoin-as-Legal-Tender

At the Bitcoin 2021 event in Miami, Florida, where more than 12,000 people gathered, President Buquere said, 'El Salvador is digital to build the country's state-of-the-art financial infrastructure using Bitcoin technology. We are partnering with wallet company ZAP . Next week, we will submit a bill to Congress to make Bitcoin the statutory currency. '



In El Salvador, the majority of people make cash payments, and about 70% of people do not have a bank account or credit card. In addition, while domestic remittances and international remittances by immigrants account for more than 20% of GDP, existing services may charge more than 10% on international remittance fees, or it may take several days to arrive. There is a problem that there is. El Salvador is expected to move to a digital economy that solves these existing problems by adopting Bitcoin in addition to the existing legal tender, the United States dollar.



ZAP's mobile payment app Strike, which claims to have easy access to the Bitcoin network, quickly climbed to number one domestic download after it was released in El Salvador in March 2021. thing. 'Bitcoin is both the largest reserve asset ever created and a good currency network,' said Jack Marlers, founder of ZAP. Holding Bitcoin is fiat inflation. It will be a way to protect developing countries from the potential shock of. '

Related Posts:

in Posted by log1p_kr