President of El Salvador Proposes Bitcoin To Be Their Legal Currency
Written by Atu on June 7, 2021
At a Bitcoin conference Saturday, June 5th, President Nayib Bukele announced in a recording that he would send proposed legislation to El Salvador’s congress to change the country’s legal tender to cryptocurrency.
Bukele also mentioned that El Salvador partnered with Strike, a digital finance company to come up with the decision.
Strike CEO Jack Mallers said, “over 70% of the active population of El Salvador doesn’t have a bank account. They’re not in the financial system… The asked me to help write plan and that they viewed Bitcoin as a world-class currency and that we needed to put together a bitcoin plan to help these people.”
It was the ‘help these people’ line for me. Remember, El Salvador currently used the U.S. dollar as its’ official currency.
