El Salvador is fostering a bill to launch bitcoin as legal tender, as indicated by President Nayib Bukele. In a viral video on Saturday, the declaration was made, he said he will present the bill in one week from now.
As reported by Zap’s Jack Mallers, at the news at the Bitcoin 2021 meeting in Miami. He said his organization is working with Bukele to execute the plan.
The bill’s endorsement would probably make El Salvador the first country to embrace a bitcoin standard. “As of now, El Salvador is set to be the first bitcoin country,” Miller said.
“And the first nation to make bitcoin legal tender and treat it as a world money and have bitcoin in their reserves.”
El Salvador is mainly a cash economy, where generally 70% of individuals don’t have bank accounts or credit cards. Settlements, or the cash sent home by migrants, represent over 20% of El Salvador’s total national output.
Bitcoin isn’t sponsored by an asset, nor does it have the full support of any government. Its worth is inferred, to some extent, from the fact that it is digitally scant; there will only ever be 21 million bitcoin in existence.
Details are approaching about how the rollout will function, CNBC is informed that El Salvador has gathered a group of bitcoin pioneers to help assemble another monetary ecosystem with bitcoin as the base layer.