El Salvador has become the first country to adopt bitcoin as legal tender.
A majority of lawmakers have approved a proposal from Salvadorian President Nayib Bukele that will allow bitcoin to be used as legal tender in the country alongside the US dollar.
The law states that "all economic agents shall accept bitcoin as a form of payment when it is offered by the purchaser of a good or service." It also says that tax payments can now be made in bitcoin.
Bukele, 39, is a right-wing populist who rose to power in 2019. He previously said that El Salvador would partner with digital finance company Strike to establish the infrastructure required to support the use of bitcoin as an official currency.
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June 09, 2021 at 05:30PM
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