Bukele wants El Salvador to be the first country to adopt bitcoin as legal tender

The president announced that he will send the bill next week.
Bukele wants El Salvador to be the first country to adopt bitcoin as legal tender
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Entrepreneur Staff
1 min read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Nayib Bukele , president of El Salvador , announced in a video that he hopes to make his country the first state to adopt bitcoin as legal tender in its territory.

As reported by CNBC , the president made it known, during the Bitcoin 2021 conference in Miami, that he will send a bill to Congress next week.

"What is transformative here is that bitcoin is both the largest reserve asset ever created, and a superior monetary network. Owning bitcoin provides a way to protect developing economies from potential [derived] inflation shocks from their fiat currency, "he declared.

Bukele said the country is partnering with the digital wallet company, Strike, to build a modern financial infrastructure using bitcoin technology.

Jack Mallers, founder of the Lightning Network Strike payments platform, said this will become a "'shot heard' around the world for bitcoin."

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