The Legislative Assembly of El Salvador has just passed the Bitcoin Law, which was proposed by the country’s president, Nayib Bukele, a few hours ago.
President Nayib Bukele stated on Twitter around 8 p.m. that he had introduced the “Bitcoin Law” to the El Salvadorian Congress. The legislative legislation establishes Bitcoin as a legal tender with universal acceptance across the country.
The country’s Legislative Assembly disclosed that they were contemplating its acceptance just two hours after the news, with Deputy Caleb Navarro disclosing the Financial Commission’s favourable judgement.
“I believe that of all the decisions we will make in this session, this one, the Bitcoin Law, is one of the most relevant,” said congressman Chris Guevara during the plenary, which also discussed other economic issues such as the modification of the Nation’s General Budget Law for the fiscal year 2021.
El Salvador becomes the first country in the world to recognise Bitcoin as legal cash, ushering in a period in which all institutions in the country must adapt to a new era in which Bitcoin circulates as a form of currency among Salvadorans.