According to details, El Salvador became the first country in the world to use bitcoin as its official currency on Tuesday, but the country will also be able to transact in US dollars.
El Salvador is the smallest country in Central America in terms of area. In early June this year, El Salvador’s Palestinian-born president, Najib Bokeli, said that he would send a bill to parliament aimed at bitcoin. To give legal status.
On June 9, 62 out of 84 members voted in favor of the law, after which bitcoin has been used as the legal currency in the country since September 7.
Foreigners who invest in Bitcoin will also have the right to reside permanently in El Salvador. It should be noted that Bitcoin has been in use in El Salvador’s recreational area of El Salvador since 2019; here is a project called Bitcoin Beach. It is also provided and is allowed to use bitcoins for payments via mobile phones and computers.
El Salvador covers 21,000 square kilometers, has 86 million, and 70% of the population has bank accounts.
The country’s 40-year-old president, Najib Bokeli, has been committed to legalizing bitcoin from the beginning, saying legalizing the currency would provide thousands of jobs in the financial system.