Bitcoin becomes a country’s official payment unit for the first time


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El Salvador’s president, Nayib Bukele, announced that they want to use Bitcoin as an official payment instrument and reserve currency in his country.

Bitcoin becomes a countrys official payment unit for the first time

Interesting news continues to come from a two-day conference in Miami that discussed the future of Bitcoin and blockchain technologies. El Salvador’s president has moved to make Bitcoin the official payment tool.

El Salvador’s president, Nayib Bukele, who was via video conference, announced that he was sending a legal regulation to parliament to use Bitcoin as an official payment instrument and reserve currency in his country.

El Salvador is known for its heavy use of cash by citizens. 70% of people don’t have bank accounts or credit cards. Money transfers are made through couriers, and international money transfers are very laborious.

Bukele hopes that with the new arrangement, his country will pay more attention to digital currency and, as such, financial systems will develop. A team of experts on Bitcoin has been commissioned for the job, and strike, the digital wallet platform, is responsible for preparing the infrastructure. The strike is already the most downloaded app in the country.

Some sources are skeptical of the official acceptance of cryptocurrency payments in these countries with high drug traffic. It may seem like a positive development, but it could further undermine allegations of money laundering.

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