Acceptance of cryptocurrency for payment will be mandatory in the country.
Bitcoin became the official means of payment in El Salvador, the relevant law was adopted by the country’s parliament on June 9. The President of the country Nayib Bukele promised to sign the document in the near future, after which it will come into force “immediately”.
The head of El Salvador said that bitcoin will become an official tender on a par with the U.S. dollar. To create infrastructure for cryptocurrency payments, 90 days after the entry into force of the law.
The government of El Salvador will also create a cryptocurrency wallet on the basis of the Development Bank, the value of tokens in which will reach 150 million dollars. This will allow the rapid exchange of cryptocurrency for dollars.
Earlier, Bukele reported that the recognition of bitcoin as an official means of payment will make it easier for the country’s citizens working abroad to send money back home. These funds account for about 20 percent of El Salvador’s GDP.
According to Nayib Bukele, the President of El Salvador:
In the short term, this will lead to new jobs and help attract thousands of people living outside the formal economy to the financial world.
