El Salvador’s President Introduces Legislation to Recognize Bitcoin as Legal Tender

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El Salvador’s President, Nayib Bukele, wants his country to be the first to accept Bitcoin as legal cash.

On Saturday afternoon, El Salvador made a big impression during the last hours of the Bitcoin 2021 conference in Miami.

El Salvador’s President Nayib Bukele said through Zoom that he will introduce legislation in the country’s congress to recognise Bitcoin as legal cash.

The statement did not instantly raise the price of Bitcoin (BTC), which is down 6% in the last 24 hours after Elon Musk posted a joke about his split with Bitcoin on Thursday evening.

Bukele’s announcement was pre-recorded during a seminar by Jack Mallers, the inventor of Strike, a crypto wallet built on the Lightning Network.

Mallers stated on stage that he had lived in El Salvador for three months and learned that 70 percent of the population does not have a bank account, and that remittances sent by migrants to family members account for 20 percent of the country’s GDP. Strike debuted in El Salvador in March, and Mallers claims that the app is “onboarding” 20,000 Salvadorans every day. He characterised Bukele’s upcoming legislation as the next phase in Strike’s collaboration with El Salvador’s government.

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Mallers called the announcement a “shot heard ’round the world for Bitcoin.” If the bill goes through without a hitch, El Salvador will be the first nation to officially recognize Bitcoin as legal tender.

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