El Salvador makes history by becoming the first country in the world to adopt Bitcoin as a legal currency.
MIAMI, Florida — El Salvador is to submit legislation that would make it the first sovereign nation in the world to accept bitcoin as legal cash, alongside the U.S. dollar.
The price of Bitcoin increased marginally from $33,555 to $34,398, as per CoinMarketCap, immediately after El Salvador's President Nayib Bukele announced on Wednesday morning that Bitcoin would be accepted as legal cash.
El Salvador has become the world's first government to recognise Bitcoin as legal cash. The Central American nation's Bitcoin law, which was forwarded to Congress by President Nayib Bukele on Wednesday morning, was adopted by a "supermajority" of 62 out of 84 votes in the parliamentary assembly. President Bukele made the statement via Twitter. “The #BitcoinLaw has been ratified by a supermajority of the Salvadoran Congress. 62 out of 84 people voted! “We've made history!” At 11:35 a.m. IST, a tweet was sent out.
The approval was also tweeted by El Salvador's legislative assembly. “The legislative plenary session accepts the #LeyBitcoin (Bitcoin law) with 62 votes, making #Bitcoin legal tender in EL Salvador.”