El Salvador Has Become The World’s First Country To Make Bitcoin Legal Tender PlatoBlockchain Data Intelligence. Vertical Search. Ai.

El Salvador Has Become The World’s First Country To Make Bitcoin Legal Tender

El Salvador Has Become The World’s First Country To Make Bitcoin Legal Tender PlatoBlockchain Data Intelligence. Vertical Search. Ai.

And is that El Salvador for many years was an unknown country to the whole world. And if anyone had heard of this country, it was because of its vast corruption and violence. For several decades in El Salvador, nothing changed, but in two years its history has radically changed. As if it were the Thanos snap, El Salvador practically made a clean slate, and two years ago began to rewrite its history.

Since the incorporation of its current president, Nayib Bukele, and its current government, El Salvador has radically changed the face of the country. Among the many milestones, it has achieved in these two years are reducing the homicide rate to practically zero, making it one of the safest countries in Central America, continuing the fight against corruption (prosecuting and imprisoning corrupt politicians from previous governments), followed by one of the smartest decision-making to face the coronavirus pandemic, closing borders long before the virus reached America, which prevented health centers from collapsing, and also the construction of the biggest hospital in Latin America during that time.

But perhaps the most surprising milestone made by the current government of El Salvador is the adoption of Bitcoin as legal tender.

And it is that its President, Nayib Bukele, announced through a video at the Bitcoin 2021 conference in Miami, that he will send to parliament next week “a bill that will make Bitcoin a legal tender.”

While details are still awaited on how the implementation of the currency will work in El Salvador, CNBC was told that El Salvador has assembled a team of bitcoin leaders to help build a new financial ecosystem with bitcoin as a base layer.

Strike Will Help El Salvador in The Process

Among other details mentioned during the conference where the official announcement took place, the company responsible for the Strike wallet will support government agencies in building the financial infrastructure necessary to make this possible on a large scale.

In this regard, the founder and CEO of Strike, Jack Mallers, assured that this announcement will echo around the world and take Bitcoin to another level, and said that…

“What is transformative here is that Bitcoin is both the largest reserve asset ever created, and a superior currency network. Adopting Bitcoin would provide a way to protect developing economies from potential impacts from inflation of their local currency.” — Jack Mallers

Strike is an app built on new Bitcoin technology allowing money to be transferred instantly in real-time.

Additionally, Adam Back, CEO of Blockstream, welcomed the movement, adding that he will also support local government to make this possible.

“It was inevitable, but here already: the first country on the way to converting Bitcoin to legal tender,” said Back

Blockstream has been the leading provider of blockchain technologies and has remained at the forefront of work in cryptography and distributed systems, since 2014.

Back said he plans to bring technologies like liquid and satellite infrastructure to make El Salvador a model for the world.

There’s no doubt that this is wonderful news for El Salvador and for Bitcoin investors. Of course, the road is long, and adopting a cryptocurrency as legal tender for the first time in history is not easy. But, if one thing is certain, it is that El Salvador will be the first country to use Bitcoin as its official currency, but it will not be the only one.

This is just the beginning. The path is marked.

The history of Bitcoin as an official currency has just begun to be written. Which country will adopt it next? We will surely find out very soon.

Who would say that El Salvador would be the first country to take one of the biggest steps towards the future. Congratulations to El Salvador.

Source: https://medium.datadriveninvestor.com/el-salvador-has-become-the-worlds-first-country-to-make-bitcoin-legal-tender-23a6ae10c035?source=rss——-8—————–cryptocurrency

Time Stamp:

More from Medium