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El Salvador Hints at Adopting Bitcoin as Legal Tender

The President of El Salvador, Nayib Bukele, said that he may consider submitting a bill to the legislature that would make Bitcoin legal tender in the country.

“In the short term, this will generate jobs and help provide financial inclusion,” said Bukele during the Bitcoin 2021 conference in Miami. He stated that the bill would be sent next week.

The objective of the bill is to create more job opportunities in the country, where 70% of the population does not own a bank account and works in the informal economy.

A huge chunk of the nation’s economy comes from the Salvadorans working overseas, accounting for roughly 22% of GDP (gross domestic product). According to the official reports, a total of $5.9 billion was transferred to the country last year.

Founder and CEO of the payment platform Strike, Jack Mallers, mentioned being asked by Bukele’s government to work on the plans for Bitcoin usage.

“They asked me to help write a 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,” said Mallers.

Bukele believes that the use of Bitcoin as a tender could carve a better future for El Salvador. He entered politics to “leave a legacy” for the country.

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