El Salvador’s President Nayib Bukele has announced plans to make Bitcoin legal tender of the country. At 39 he is the youngest president in Latin America and is known to break from norms.
El Salvador President Nayib Armando Bukele Ortez who was present at the Bitcoin 2021 conference in Miami via video conferencing announced that next week he will send legislation to the country’s congress that would make Bitcoin crypto-currency a legal tender in the nation. As his New Ideas party holds a supermajority in the new congress, there are very high chances that any legislative proposal from the president could be easily passed. Currently, the US Dollar is the official currency of El Salvador. One-fourth of its citizens live in the United States and send over $6 billion back home as remittances. The president believes Bitcoin can plug leakages as most of the money is lost to intermediaries while sending it from the USA to El Salvador.
