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Bitcoin is now legal tender in El Salvador

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/04/13/britain-investment-regulator.jpg"/><figcaption>A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021. <em>Dado Ruvic, Reuters/Illustration/File Photo</em></figcaption></figure></div><p><br/>SAN SALVADOR - The Congress of El Salvador has approved a law that will classify Bitcoin as legal tender in the Central American country, its president said, making it the world&#x27;s first nation to adopt a cryptocurrency.</p><p>&quot;The #BitcoinLaw has just been approved by a qualified majority&quot; in the legislative assembly, President Nayib Bukele tweeted after the vote late Tuesday.</p><p>&quot;History!&quot; the president added.</p><p>He said a majority of 62 out of 84 lawmakers approved the bill, which he proposed last week. </p><p>The law passed with the support of Bukele&#x27;s allies despite minority opposition parties -- who had criticized the speed of the vote -- refusing to back it.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/13/21/cryptocurrencies-a-20-trillion-market">Cryptocurrencies: A $2.0-trillion market</a></li>	<li><a href="https://news.abs-cbn.com/business/05/11/21/cryptocurrency-ethereum-dogecoin-bitcoin">Cryptocurrency ethereum hits new record high again; dogecoin slumps</a></li>	<li><a href="https://news.abs-cbn.com/business/05/07/21/bsp-studying-central-bank-issued-digital-currency-cryptocurrency">Bangko Sentral &#x27;studying&#x27; central bank-issued digital currency, says Deputy Gov</a></li></ul><p>Before the vote, Bukele said adopting the cryptocurrency would bring &quot;financial inclusion, investment, tourism, innovation and economic development&quot; to the country.</p><p>The Salvadoran leader has hailed bitcoin as &quot;the fastest growing way to transfer&quot; billions of dollars in remittances and to prevent millions from being lost to intermediaries.</p><p>Remittances from Salvadorans working overseas represent a major chunk of the economy -- equivalent to roughly 22 percent of Gross Domestic Product.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/07/21/bsp-studying-central-bank-issued-digital-currency-cryptocurrency">Bangko Sentral &#x27;studying&#x27; central bank-issued digital currency, says Deputy Gov</a></li></ul><p>In 2020, remittances to the country totaled $5.9 billion, according to official reports.</p><p>&quot;This is a law that will put El Salvador on the world&#x27;s radar, we will be more attractive for foreign investment,&quot; Romeo Auerbach, deputy of the Grand Alliance for National Unity party, an ally of Bukele, said.</p><p>The cryptocurrency market grew to more than $2.5 trillion in mid-May 2020, according to the Coinmarketcap page, driven by interest from increasingly serious investors from Wall Street to Silicon Valley.</p><p>But the volatility of bitcoin -- currently priced at $33,814 -- and its murky legal status has raised questions about whether it could ever replace traditional currency in day-to-day transactions.</p><div><strong>ob/lda/jfx/reb</strong></div><div><strong>© Agence France-Presse</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1691406" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>The Congress of El Salvador has approved a law that will classify Bitcoin as legal tender in the Central American country, its president said, making it the world's first nation to adopt a cryptocurrency.</p>

The Congress of El Salvador has approved a law that will classify Bitcoin as legal tender in the Central American country, its president said, making it the world's first nation to adopt a cryptocurrency.