With the passage of the bill (approved by 62 out of 84 legislators), El Salvador became the first country in the world to accept the cryptocurrency Bitcoin as its legal tender. Despite opposition from the opposition to speeding up the vote, with the help of his supporters, the bill was finally voted in favor of Naib Bukhal.
The President of El Salvador, with this bill, wants to strengthen economic integration in a country where only 30% of citizens receive financial services. However, the citizens of the country, as he said, do not need to use government wallets for their transactions. In the same discussion, on the Twitter space provided by Nick Carter of Castle Island Ventures and Coin Measurements, Mr. Paul, 3 PTC in El Salvador Economy.
The bill would allow all companies to accept cryptocurrency in exchange for goods or services, but the government would act as a safeguard for companies that are unwilling to take risks due to the volatility of a cryptocurrency. That’s why the El Salvador Development Bank, in conjunction with the government, will set up a trust fund with a balance of about $ 150 million to make it more secure for businesses or other entities. Government officials are expected to meet with representatives of the International Monetary Fund soon to discuss the project with the Foundation.
He said the government could strengthen or encourage initiatives related to bitcoin mining.