El Salvador’s President Nayib Bukele said on Saturday that he would submit a bill to Congress next week to make Bitcoin a legal tender in this Central American country and touted its potential to help people living abroad. Salvadorans send money home.

“In the short term, this will create jobs and help provide financial inclusion for thousands of people outside the formal economy,” Booker said in a video broadcast at the 2021 Bitcoin Conference in Miami.

Strike, a mobile payment application launched in El Salvador in March, welcomed the legislation in a statement and is working with the country to make the use of Bitcoin technology successful.

Quoting at the Miami conference, Strike founder and CEO Jack Mallers, who introduced the Bukele video, said: “This is the voice that Bitcoin hears all over the world.”

“Using local digital currency as legal tender provides El Salvador with the safest, most efficient and globally integrated open payment network in the world,” said Mulles.

Booker stated on Twitter that promoting financial inclusion by providing channels for credit, savings, investment and safe transactions is “a moral imperative” and a way for El Salvador’s economic growth.

Regarding the issue of remittances, Bukele stated that at present “a large part of the 6 billion US dollars (approximately Rs 43,680 crore) flows to intermediaries. Through the use of Bitcoin, the amount received by more than 1 million low-income families will be equivalent to Billions of dollars a year.”

He pointed out that 70% of El Salvador’s population does not have a bank account and works in the informal economy.

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“This will improve the lives and future of millions of people,” Booker said.

© Thomson Reuters 2021


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