El Salvador has become the first country to grant legal tender status to Bitcoin. Here you can now trade and invest in Bitcoin.
el Salvador bitcoin news.
The House bill was introduced by President Naib Boukel. Most members supported the bill, which would legalize bitcoin. The proposal received 62 votes out of 84.
El Salvador, a South American country, relies heavily on foreign money for its income. So expats can now send money to their home country in Bitcoin. The President also requested the people to be prepared for this.
bitcoin legal tender.
Bitcoin is a digital currency mainly used for financial transactions over the Internet. It can be called a program or software code written in a computer language. These are called cryptocurrencies because they use encryption technology.
Boukel said the new decision would provide greater support for economic inclusion, investment, tourism, innovation and economic development.
el salvador bitcoin.
Arrangements will also be made to convert the amount into dollars at the time of each transaction, officials said.
According to the World Bank, one-fifth of El Salvador’s GDP is remitted by expatriates.
El Salvador will soon legislate for the official recognition of Bitcoin.
There are concerns that this could affect El Salvador’s plans with the International Monetary Fund (IMF). Today, Bitcoin is valued at Rs 24.5 lakh in India.