El Salvador Become The First Country To Adopt Bitcoin As Its Official Currency

The small country El Salvador in Central America has become the first country in the world to embrace Bitcoin as legal tender. 

The Salvadoran parliament today approved a law establishing the new status of cryptocurrency. Residents can now pay their taxes with Bitcoin. And entrepreneurs with access to the necessary technology are no longer allowed to refuse payments with cryptocurrency.

Salvadoran President Nayib Bukele announced the plan last weekend and is expected to enact the law this Wednesday morning. The idea, according to him, is to increase the dynamism of the economy and make the country more attractive to investors. President Nayib Bukele described the result of the vote as “Historic!” and sees benefits for the “financial inclusion, investment, tourism, innovation and economic development” of his country.

This is the first time that the cryptocurrency is recognized as an official legal tender. The main currency of El Salvador so far is the US dollar. After the Central American country announced its decision to use Bitcoin as legal tender, the price of a Bitcoin rose by almost 15 percent to $ 38,500.

Avinash A
Avinash A
Meet Avinash, a tech editor with a Master's in Computer Science and a passion for futuristic tech, AI, and Machine Learning. Known for making complex tech easy to understand, he's a respected voice in leading tech publications and podcasts. When he's not deciphering the latest AI trends, Avinash indulges in building robots and dreaming up the next big tech breakthrough.


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