El Salvador became the first country in the world to adopt bitcoin as legal tender after Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency, a move that delighted the currency’s supporters on Wednesday, June 9th.
With 62 out of 84 votes, lawmakers have voted in favour of the move to create a law to adopt the use of bitcoin, despite concerns about the potential impact on El Salvador’s program with the International Monetary Fund. Bukele has lauded the use of bitcoin for showing potential to help Salvadorans living abroad to send remittances back home while mentioning that the U.S. dollar will also continue as legal tender. In practice, El Salvador does not have its currency.
“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” Bukele said in a tweet shortly before the vote in Congress, which is controlled by his party and allies.