El Salibor, President of El Salvador, plans to propose to Congress next week that the Bitcoin cryptocurrency be recognized as legal tender in El Salvador.
If Congress supports the president’s plan, El Salvador will become the first country in the world to officially adopt the digital currency.
In that case, Bitcoin would be used at the same time as the US dollar, which is the official currency of El Salvador.
Bukele announced the video at a Bitcoin conference in Miami on Saturday.
The President noted that recognizing Bitcoin as a legal tender would create new jobs and facilitate the financial integration of people currently outside the formal economy, as well as boost investment in El Salvador.
“More than 70% of El Salvador’s active population does not have a bank account. They are not in the financial system, “said Jack Mahler, the founder of Strike, at the conference.
Mahler revealed that he was helping Bukelem draft a law recognizing Bitcoin as a legal tender.
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