El Salvador president wants Bitcoin as legal tender
El Salvador President Nayib Bukele announced in a recorded message played at a Bitcoin conference in Miami that next week he will send proposed legislation to the country’s congress that would make the cryptocurrency legal tender in the Central American nation.
The U.S. dollar is El Salvador’s official currency. About one quarter of El Salvador’s citizens live in the United States and last year, despite the pandemic, they sent home more than $6 billion in remittances.
Additional details of the plan were not released. But Bukele in subsequent messages on Twitter noted that Bitcoin could be “the fastest growing way to transfer six billion dollars a year in remittances.” He said that a big chunk of those money transfers were currently lost to intermediaries and with Bitcoin more than a million low-income families could benefit.