El Salvador Officially Adopts Bitcoin As Legal Tender

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El Salvador is the first country in the world to introduce bitcoin as legal tender after Congress approved it on Wednesday, with 62 out of 84 possible votes in favor of making it legal tender.

El Salvador’s President Nayib Bukele, who originally sent the bitcoin proposal to lawmakers, made clear that bitcoin would remain optional for individuals and not pose a risk.

LaGeo, a state-owned geothermal electricity company, is to develop plans to offer bitcoin mining facilities that use renewable energy from the country’s volcanoes.

Bukele also pointed out that bitcoin will help Salvadorans living outside the country send remittances home, while the U.S. dollar remains legal tender.

“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” he said in a tweet before the congressional vote.

For more information, read the original story in Reuters.

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