Friday, July 19, 2024

El Salvador Passes Law Adopting Bitcoin as Legal Tender

El Salvador has gone down in the history books, being the first country to adopt Bitcoin as legal tender.

Bitcoin is the most valuable, and most well-known, cryptocurrency, hitting a record price of $64,829.14 in April. As its value has soared, so has its mainstream acceptance, with financial companies and businesses alike moving to adopt it.

El Salvador, however, has become the first country to adopt it as legal tender, with the Bitcoin Law passing the Salvadoran Congress with supermajority support. Salvadoran President Nayib Bukele announced the law’s passage on Twitter.

There’s still many details to be worked out, especially given Bitcoin’s volatility. But the law promises to “promote the necessary training and mechanisms so that the population can access bitcoin transactions.”

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