“History!”, exclaimed Nayib Bukele, a congressman of El Salvador, as he tweeted about Bitcoin officially becoming legal tender.
The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.
62 out of 84 votes!
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
El Salvador is now the first country to adopt the cryptocurrency after the bill to make Bitcoin legal tender received overwhelming approval from the Congress.
Bukele, who submitted the aforementioned bill, added that the bill secured 62 out of 84 possible votes.
WATCH: Lawmakers applaud as El Salvador officially passes historic Bitcoin bill 👏 pic.twitter.com/Xo9GQQMp60
— Bitcoin Magazine (@BitcoinMagazine) June 9, 2021
Bitcoin will officially be adopted as legal tender in 90 days. All businesses are required to accept the cryptocurrency and the US dollar as viable forms of payment for goods and services.
The congressman hopes that this initiative would help boost foreign investment, generate jobs and improve financial inclusion.
Other Latin American countries are looking to adopt Bitcoin as well. Paraguay Congressman Carlos Rejala revealed his plans to submit a bill to the Congress next month.
Meanwhile in Mexico, lawmaker Eduardo Murat Hinojosa has also announced that he would be submitting a similar bill to his country’s Congress, saying that he will be “promoting and proposing a legal framework for crypto coins in Mexico’s lower house.”