El Salvador’s president, Nayib Bukele, announced in a video conference that they plan to use Bitcoin as the official payment tool and reserve currency for his country.
There may be those of us who are interested in Bitcoin but do not know about El Salvador. El Salvador is the most densely populated country in Central America. It has an average population of 6.9 million. El Salvador is also the most industrialized country in the region. The official currency is the US Dollar. Citizens of El Salvador do not use credit or debit cards.
And the people of El Salvador are known for using cash. Strangely enough, 70% of the population does not have a bank account or credit card. Moreover, they make money transfers through couriers. If you want to send money abroad, a long protocol and transaction awaits you. For the people of El Salvador, who had these negative features, President Nayib Bukele started working on new features. This new and radical change is to use Bitcoin as an official payment tool and reserve currency.
There were a conference on Bitcoin and Blockchain technologies took place in Miami for two days. The President of El Salvador, Nayib Bukele, made some important statements to the conference. Bukele announced that they want to use Bitcoin as one of the official payment tools and reserve money and has sent this request to the parliament for legal regulation. If the legislation is approved in the parliament, Bitcoin will be used as an official payment tool for the first time. With this law, Bukele’s aim is to distract its citizens from cash flow by showing interest in digital money. And with this divergence, there will be an improvement in financial transactions.
Bukele created a team of Bitcoin experts for this arrangement, and this team is responsible for preparing the infrastructure for the digital wallet platform Strike. The law is not yet enacted, but it is the most downloaded app in El Salvador. We look forward to hearing from the parliament.
This is the first time such an opportunity has been caught for Bitcoin. However, there are some question marks in mind. The reason for this is that there is a lot of drug trade in El Salvador, and it seems to be able to support this trade. We hope the decision will be positive for everyone.
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