Bitcoin to Become Legal Tender in El Salvador, President Says at Cryptocurrency Event


El Salvador is likely to be the first country to adopt Bitcoin as legal tender following a landmark announcement on Saturday.

El Salvador's President Nayib Bukele announced at the Bitcoin 2021 conference in Miami that the country of El Salvador has partnered with Strike, a digital wallet company, to begin building the country's financial infrastructure on Bitcoin Technology, CNBC reported.

Bukele is reportedly due to come up with a bill next week that has yet to be passed by the country's legislative assembly.

El Salvador got to know Strike when Strike's freshly launched mobile payments app became the number one downloaded app in the country in March.

Strike Founder and CEO Jack Mallers said, "What's transformative here is that Bitcoin is both the largest reserve asset ever created and a superior currency network. Holding Bitcoin offers a way of keeping developing countries ahead of potential Protecting fiat currency inflation shocks. "

Since El Salvador is primarily a cash-based economy, they believe that change will help many people. "They asked me to help write a plan and they saw bitcoin as a world-class currency," Mallers said, "and that we had to put together a bitcoin plan to help these people."

Bitcoin Magazine reported that El Salvador now has the unique advantage of Bitcoin's properties, particularly as a store of value that is primarily digital as Bitcoin is issued programmatically and does not come under the control of third parties or central banks.

The change conveniently comes to a country that is already Bitcoin savvy; El Salvador is home to El Zonte, a bitcoin community that created the Bitcoin Beach project, a sustainable bitcoin economy ecosystem.

CNBC reported that while El Salvador still has rollout details in place, it already has a team of Bitcoin executives to transform the financial landscape with Bitcoin as a foundation.

The 2021 Bitcoin conference seemed full of excitement. Floyd Mayweather, a professional boxer, spoke on Friday where he spoke on the subject of competition, emphasizing that people should work together.

"Everyone in the crypto world is competing with each other, while I believe that everyone should be able to choose what to choose and who to go with," he said, as reported by Bitcoin News. "I believe that one day there will be another cryptocurrency that is just as big as Bitcoin."

This comment was not taken lightly by Bitcoin enthusiasts in the crowd who started booing. Bitcoin News reported that it was quick to react, telling the crowd that it was entitled to that opinion.

Another speaker was interrupted when a man stood up on the stage in front of him, tore his clothes off, wearing yellow shorts and a doge coin shirt underneath. Then he started screaming: "Dogecoin to the moon!"

Newsweek reached out to Strike CEO Mallers for comment.

Bitcoin-to-Become-Legal-Tender-in-El-Salvador-President-Says.jpgThe Bitcoin 2021 Convention cryptocurrency conference logo can be seen when people buy drinks from a booth at the Mana Convention Center in Miami, Florida on June 4, 2021. El Salvador announced its plan to become the first country to use Bitcoin as legal tender. Marco Bello / AFP via Getty Images

https://thedailytradingnews.com/bitcoin-to-become-legal-tender-in-el-salvador-president-says-at-cryptocurrency-event/

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