El Salvador the first country adopt BTC as legal tender
Latin American country El Salvador registered name as a first country which adopt BTC as a legal tender. Now BTC is the official currency of El Salvador along with US Dollar.
Latin American country president Nayib Bukele's proposed the bill couple of days ago. Congress backed the bill with a heavy margin. Out of 84 votes, bill received 62 votes in favor.
Country economy heavily rely on remittances. About 2 million citizen are abroad for work, which are playing a vital role for the development of country. They send 4 billion Dollar remittances every year. Remittances from banking channel is costly and time taking as it involved two countries. Transfer through BTC will provide cheap and swift solution.
It will make BTC more popular and BTC user will increase. Beside all pros, it is a fact that digital asset is one of the most volatile asset. It moves in both way which make it very risky to adopt as a legal tender in country. It is too early to say what impact it will create on people of El Salvador and the worth of BTC which is suffering due to environmental impact created by excessive mining of BTC. One thing is sure the good outcome will help to make BTC more popular and other country may follow it.
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time
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