El Salvadoran President Nayib Bukele did well on their behalf promise consider Bitcoin as a legitimate currency. Congress officials in Central America voted to approve the cryptocurrency currency by 62 votes out of 84 votes, he says. CNBC. Globally, El Salvador recognizes Bitcoin as a valid currency along with the US dollar within 90 days, according to BBC. The Act means that cryptocurrency can only be used as a return on assets or services as long as the business does not provide the necessary expertise for the transaction to take place.
After the vote, Bukele sent a statement that the move would bring “a combination of finance, investment, tourism, innovation and economic development to our country.” Earlier, he said the law would help raise funds for about 70% of Salvadorans who do not have bank accounts. It would also help to speed up the transfer of funds in this country which is highly dependent on the income they receive from migrants.
El Salvador is a newcomer to cryptocurrency trading. On the coast, two small towns known as El Zonte and Punta Mango made The Bitcoin economy last year – which saw digital currencies being received on transactions and payments – with the help of an anonymous provider. The idea of receiving cryptocurrency payments comes just days after the country entered into an agreement with Strike digital wallet to build infrastructure using Bitcoin technology.
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