Bitcoin is Now Legal Tender or Currency in this Central American Country - El Salvador

Bitcoin is Now, The world’s largest cryptocurrecy, has become the legal tender in El Salvador. The central American country is now the first ever to make the cryptocurrency legal tender. El Salvador Congress on Monday approved President Nayib Bukele’s proposal to embrace the cryptocurrency. “With 62 votes, the legislative plenary session approves the LeyBitcoin with which El Salvador adopts the Bitcoin as legal currency," El Salvador President Nayib Bukele said.

El Salvador’s first millennial President Nayib Bukele has touted the use of bitcoin for its potential to help Salvadorans living abroad to send remittances back home. “It will bring financial inclusion, investment, tourism, innovation and economic development for our country," Bukele said in a tweet.

The use of bitcoin, whose use will be optional, would not bring risks to users. Its use as legal tender will go into law in 90 days. “The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction," he added.

The 39-year-old president made the announcement of accepting the popular cryptocurrency as a legal tender in a recorded message that was played at a Bitcoin conference last week.