President of El Salvador submitting bill to make Bitcoin legal tender

The central American country, El Salvador is developing a bill to recognize bitcoin as legal tender, according to President Nayib Bukele.

President of El Salvador submitting bill to make Bitcoin legal tender

The president shared an announcement published on Saturday, stating he will submit the bill next week. Zap’s Jack Mallers announced the news at the Bitcoin 2021 conference in Miami. He said his company is working with Bukele to implement a plan.

To legalize bitcoin, the bill must still be reviewed by the country’s legislative assembly. But with the populist Bukele’s upstart political party in firm control of that body, approval seemed all but assured Saturday afternoon. 

A section of the bill read by Mallers during his presentation. “As of now, El Salvador is set to be the first bitcoin country,” Mallers said. “And the first country to make bitcoin legal tender and treat it as a world currency and have bitcoin on their reserves.” 

The bill’s approval would likely make El Salvador the first nation to adopt a bitcoin standard.




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