El Salvador in Central America is poised to become the first country to adopt Bitcoin as its national currency. El Salvador’s President, Nayib Bukele, said the country has partnered with digital wallet company Strike to build modern financial infrastructure using Bitcoin technology.
As many countries prepare for regulations regarding cryptocurrencies, El Salvador has started working to become the first country to accept Bitcoin as its official currency. El Salvador President Nayib Bukele made a statement in Bitcoin 2021, which was held in Miami and described as the largest Bitcoin event in history.
Partnership with Strike
El Salvador’s President Nayib Bukele said in the video that the country has partnered with digital wallet company Strike to create a modern financial infrastructure using bitcoin technology.
Bitcoin will be used alongside the US dollar, the official currency of El Salvador. President Nayib Bukele said that Bitcoin will make it easier for Salvadorans living abroad to send payments home.
Speaking at a Bitcoin conference in Florida, Bukele said, “In the short term, this will create jobs and help bring financial inclusion to thousands of people outside the formal economy,” adding that it could increase investment in the country.
At the Congress next week
The President of El Salvador said he will send the law to Congress next week. If passed, the move would open up the financial services of 70 percent of Salvadorans who do not have a bank account, El Salvador’s President said.
El Salvador’s economy relies heavily on remittances or remittances from abroad, which account for about 20 percent of the country’s gross domestic product (GDP).
More than two million Salvadorans live outside the country. But they continue to maintain close ties to their birthplace, sending back more than $4 billion (£2.9 billion) each year.
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