El Salvador’s president says he will send a bill to make Bitcoin legal tender

San Salvador-President Nayib Bukele of El Salvador said on Saturday that he would send a bill to make Bitcoin a legal tender in Central American countries next week, promoting the possibility of helping Salvadorians living abroad send money.

“In the short term, this will create jobs and bring financial inclusion to thousands of people outside the formal economic zone,” Bukele said in a video released at the Bitcoin 2021 conference in Miami. Stated.

In a statement, Strike, a mobile payments app launched in El Salvador in March, welcomed the law and said it was working with the state to successfully use Bitcoin technology.

Strike’s founder and CEO, Jack Marlers, who featured Bukele’s video, said at a meeting in Miami:

The Epoch Times
Taken on March 13, 2020, this illustration shows the representation of the cryptocurrency Bitcoin. (Dado Ruvic / Reuters)

“By adopting native digital currencies as fiat currencies, El Salvador will have the world’s safest, most efficient and globally integrated open payment network.”

Bukele said on Twitter that promoting financial inclusion is a “moral imperative” and a way to grow El Salvador’s economy by providing access to credit, savings, investment and secure trading.

Regarding remittance issues, Bukele now says, “Most of the $ 6 billion is lost to intermediaries. With Bitcoin, more than one million low-income households receive billions each year. It will increase by the amount equivalent to the dollar. “

He pointed out that 70% of El Salvador’s population does not have a bank account and works in the informal economy.

“This will improve the lives and futures of millions of people,” said Bukele.

Nelson Renteria and Anthony Esposito

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