El Salvador is the First Country to Adopt Bitcoin as Legal Tender

Posted on 06/09/2021

El Salvador has become the first country to adopt bitcoin as legal tender. 62 out of 84 of the legislature’s vote was for in favor of the Bitcoin law. Earlier on Wednesday, President Nayib Bukele (age 39) sent the law to Congress for a vote. El Salvador’s current official currency is the U.S. dollar.

“The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the law reads.

The Bitcoin’s price was up 5% to US$ 34,239.17 shortly after the vote from the doldrums of the US$ 32,000 range.

The exchange rate with the U.S. dollar “will be freely established by the market,” according to the proposed law.

The new law also says that the state will “promote the necessary training and mechanisms so that the population can access bitcoin transactions.”

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