Although Bitcoin, the world’s leading cryptocurrency, is highly loved by the people, governments strongly oppose it. El Salvador has announced the use of bitcoin as the official currency of the Central American country in this terrible situation.
President Nayib Bukele
On June 5, President Nayib Bukele announced that he would present a report to parliament on the use of bitcoin as a currency. It should be noted that the approval was given on June 9. It is also said that a government order will be issued in the next 90 days declaring Bitcoin as the official currency.
Can create employment
The announcement of the Nayib Bukele coin at the Bitcoin 2021 conference in the Miami area could create more jobs in the short term. He added that the financial trading system allows easy communication with countries around the world.
Country of El Salvador
About 70 percent of El Salvador’s population still operates in an unclassified economy without a bank account. All parties hope that this situation will change with the declaration of Bitcoin as an official currency.
Support in the Parliament of El Salvador
El Salvador’s parliament easily passed without any restriction, with 62 of the 84 members approving it.
And although Bitcoin is the official currency, the US dollar will continue in use, clarifies El Salvador in the new order.