El Salvador looks to become the world’s first country to adopt Bitcoin as legal tender

📣 El Salvador 🇸🇻 looks to become the world’s first country to adopt #Bitcoin as legal tender

👉 In the #Bitcoin2021 Miami conference, the President of #ElSalvador, Nayib Bukele announced that the country will be proposing the bill to make Bitcoin a legal tender in the country.

👉 As per Bukele, the country will be partnering with Strike, a #digitalwallet company that will help them build a modern #infrastructure for the use of Bitcoin.

👉 Bukele said that the country with more than 70% having no access to the banking system can largely benefit from Bitcoin adoption.

👉 A country that has 20% of GDP from remittances and charges up to 10% in transitional fees can benefit from a #decentralised financial system.

👉 After the announcement, #Bitcoinsupporters like Winklevoss brothers #JustinSun and many others came to #Twitter in support of the decision.

👉 There were also few, who were quick to point out the volatility in #Bitcoinprice making it hard for Bitcoin to be used on a large scale.
👉 Only time can tell what the future hodls for Bitcoin in El Salvador.

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