El Salvador wants to be the first country with Bitcoin as legal currency

The passion for Bitcoin remains, and now El Salvador wants to turn it into a legal tender. All stores would have to accept it and banks, operate with it among others.

In a recent video conference produced yesterday, the President of El Salvador, Nayib Bukele, has announced his intentions to convert Bitcoin into legal tender throughout the country. If successful, it would be the first country in the world to accept this currency as the official currency. And then there is everything that goes with it.

A country that uses Bitcoin as legal tender is possible

The implications of a country accepting a cryptocurrency are various. For the currency, it would stabilize its value by having a commercial and domestic use in a country. In the case of El Salvador, they would have to ensure that all their commercial premises, businesses and citizens can operate with it, in addition to forcing the banking entities that operate in the country to accept it.

Nayib Bukele commented at the press conference that they are working with the company Strike to create an infrastructure that allows the use of Bitcoin as legal tender in El Salvador. The bill would be sent to the Legislative Assembly next week. For its part, Strike believes that the announcement of this measure could have a domino effect on the rest so that more countries adopt cryptocurrencies as legal tender, not all of them Bitcoin.

But everything is to wait for the Legislative Assembly to definitively approve this law and move forward. President Nayib Bukele has a large majority in the House, with what is possible that it happens. But it would take several months for the infrastructure to accept Bitcoin throughout El Salvador to go ahead and the cryptocurrency to settle in the country.

Source: The newspaper of Aragon