The President of El Salvador wants to recognize Bitcoin (BTC) as legal tender, which is a big step for Bitcoin! » Crypto Insiders

President El Salvador wil bitcoin (BTC) als wettig betaalmiddel erkennen, een grote stap voor Bitcoin!

The Bitcoin Conference 2021 had a nice conclusion. A number of interesting things were said during the conference. For example, Jack Dorsey, CEO of Twitter, spoke big words about Bitcoin (BTC) and politicians discussed the expected inflation of the US dollar. Last night’s conference got a great decoration from the President of El Salvador. Wants to recognize Bitcoin as legal currency in the country!

The president, Neb Bukele, said this in a recorded video that was played during speaking time for Strike founder Jack Mallers for the developer. Bukele says in the video that he will introduce a bill to officially accept bitcoin as legal tender in the country alongside the US dollar.

This news was, of course, met with cheers in Miami. Mallers calls it “a snapshot of bitcoin that will be heard around the world.” During his presentation, the Strike founder explained why El Salvador is a perfect example where Bitcoin can help.

It is reported that 70% of the population does not have a bank account. In addition, 20% of GDP comes from remittances from immigrants who remit money to their relatives in El Salvador. Bitcoin offers a solution in both areas. Strike is said to currently bring in 20,000 Salvadorans per day using its wallet.

El Salvador currently uses only US dollars. However, the United States has recently responded with reforms to the country’s legal system. For example, the United States will stop sending money to state institutions and will instead send money to local human rights organizations.

It remains to be seen if it will actually reach the point where Bitcoin is recognized as a legal currency. It is, of course, a big step and it remains to be seen whether all MPs are waiting for it.

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