The President of El Salvador, Nayib Bukele, wants a law to legalize Bitcoin (BTC) as a lump sum. If the National Congress passes the law, the Central American nation will be the first country to accept Bitcoin as legal money alongside the US dollar.
Bitcoin is said to trigger financial inclusion
The 39-year-old leader noted that BTC would boost the country’s economy while speaking in a video broadcast at the Bitcoin 2021 conference in Miami, Florida. president Bukele specified:
“Next week I’ll be sending a bill to Congress that will make Bitcoin legal tender.”
The bill is intended to create jobs in a country where 70% of the population work in the informal economy and do not have a bank account. President Bukele stated:
“In the short term, this will create jobs and help bring financial inclusion to thousands outside of the formal economy.”
He indicated that financial inclusion should be seen as a moral imperative and a way to stimulate the economy. In addition, it provides access to investments, savings, loans, and secure transactions.
Changing the future of finance
The President of El Salvador also announced the country’s partnership with digital wallet company Strike to transform the country’s financial structure using bitcoin technology.
“We hope this decision is just the beginning in creating a space for some of the leading innovators to rethink the future of finance.”
On the other hand, Strike founder Jack Mallers admitted:
“What is transformative here is that Bitcoin is both the largest reserve ever created and a superior currency network. Holding Bitcoin provides a way to protect developing economies from potential shocks from fiat currency inflation. “
Meanwhile, the UK’s leading multinational bank Standard Chartered recently announced the creation of a joint venture to buy and sell Cryptocurrencies like bitcoin. The bank stated that it is actively seeking partnerships with digital asset experts in Hong Kong to launch a cryptocurrency exchange dedicated to digital asset development.
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