Learn about the details of El Salvador's proposal for Bitcoin as a legal currency
The President of El Salvador revealed at the “Bitcoin 2021” conference taking place in Miami that he plans to make bitcoin legal in his country.
At the conference, President Neb Bukele spoke positively about bitcoin and told that he plans to introduce a law that would make bitcoin legal just like other fiat currencies in the country.
According to a videotape broadcast during the conference yesterday, President Bukele said he will send the bill to Congress next week.
If the bill is passed, El Salvador will become the first sovereign country to adopt bitcoin as legal tender, along with its fiat currency.
Bukele believes that central banks are increasingly taking measures that could negatively affect El Salvador's economic stability.
He added that this move will create jobs and help provide financial inclusion for thousands of people in the country in the short term.
The Central Bank of El Salvador will also adopt bitcoin as part of its reserves, while citizens will be allowed to trade freely with the underlying cryptocurrency.
President Neb Bukele revealed that the country has already partnered with Strike, a digital wallet company, to build a modern financial infrastructure using blockchain.
Although the Salvadoran president did not provide enough details on how to implement the plan, Jack Mallers, founder of Strike, indicated that the move would be an audible shot that would resonate around the world for bitcoin.
Mallers also noted that the development, if successful, would unleash the power of Bitcoin for everyday use cases on an open network that benefits individuals, businesses, and public sector services.
Meanwhile, bitcoin proponents such as Adam Buck believe bitcoin legalization is inevitable and is already here to stay.