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El Salvador makes bitcoin legal tender in world first

June 10, 2021 11:45 am
Lawmakers voted in favor of the move, despite concern about the potential impact on El Salvador's program with the International Monetary Fund. [Source: RNZ]

El Salvador has become the first country in the world to adopt bitcoin as legal tender.

Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency.

With 62 out of 84 possible votes, lawmakers voted in favor of the move to create a law to adopt bitcoin, despite concern about the potential impact on El Salvador’s program with the International Monetary Fund.

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Bukele has touted the use of bitcoin for its potential to help Salvadorans living abroad to send remittances back home, while saying the US dollar will also continue as legal tender.

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