President Nayib Bukele of El Salvador Soon to Submit a Bill to Make Bitcoin a Legal Tender in the Country
This week, President Bukele of El Salvador has expressed interest in accepting bitcoin as legal tender. This is great news, since it will offer El Salvadorians a way to begin using BTC, as well as provide a new source of revenue for the country. El Salvador is known as a place that accepts the worst of the worst and that is the type of environment that bitcoin thrives in.
The president of El Salvador, Nayib Bukele, has stated that he plans to submit a bill to make bitcoin a legal tender in the country. Bukele is currently in the process of getting the bill approved, while also working on other bills to protect the rights of the nation’s citizens. This news is not only an interesting development for the El Salvadoran people, but also for the entire world as a whole.. Read more about el salvador, bitcoin and let us know what you think.During the recent Bitcoin 2021 conference in Miami, Nayib Bukele, President of El Salvador, announced via video link that he will propose legislation to recognize bitcoin as legal tender. If the bill passes, El Salvador will become the first sovereign country to accept bitcoin as legal tender.
President El Salvador Nayib Buquele Partnership with the strike of
During Bitcoin 2021, a multi-day conference in Miami, Salvadoran President Nayib Bukele announced in a released video a partnership with digital wallet company Strike to build a modern financial infrastructure using Bitcoin technology. The Strike app, developed and owned by Zap, allows anyone anywhere in the world to send money, instantly and at no cost. Jack Mullers, chairman of Zap, said his company is working with Nayib Bukele to implement the plan. In the video, Jack Mullers, founder of Strike’s Lightning Network payment platform, notes that this will be a gamble for bitcoin. What is transformative here is that bitcoin is both the largest reserve asset ever created and a superior monetary network. Owning bitcoin offers the opportunity to protect emerging market economies from potential shocks associated with fiat currency inflation, adds Jack Mullers. Mullers highlighted some of the benefits of bitcoin, saying the move would unleash the true power of bitcoin for everyday use on an open network that could benefit individuals, businesses and utilities.
Economy of El Salvador
El Salvador’s economy is largely based on cash: about 70% of the population has no bank account or credit card. Furthermore, El Salvador is a financially unstable country. The amount of remittances, i.e. the money sent by migrants to their countries, represents more than 20% of El Salvador’s gross domestic product. To improve financial stability in the economy, Bukele, 39, says his plan could bring short-term benefits to thousands of people who don’t have a bank. He also believes that it will lead to the creation of a large number of jobs in the country. To that end, El Salvador has assembled a team of bitcoin experts to help establish a new bitcoin-based financial ecosystem. Many Bitcoin leaders, like Adam Back, CEO of Blockstream, plan to contribute technologies like liquid and satellite infrastructure to make El Salvador a Bitcoin leader. He stated: It was inevitable, but it’s already here: the first country on its way to adopting bitcoin as legal tender. He later added: Another milestone for Bitcoin and El Salvador. We are happy to support El Salvador in its move to adopt the Bitcoin standard. However, this isn’t the first time El Salvador has plunged into bitcoin. In March, Strike launched its mobile payment app, which is used by a large number of Salvadorans and has become the number one app in the country in terms of downloads. Mullers said Zap believes it is most affected by the central bank’s monetary inflation. Jack Miller’s Strike, a payment app based on the Bitcoin Lightning Network, has been active in El Salvador this year, with Mullers claiming that 20,000 Salvadorans logged in daily during the app’s peak activity in the country. The company is working to simplify cross-border payments. We want cross-border payments to be free. We want to solve the problem of transferring money to the places that need it most, Miller said. He said Zap would open its headquarters in El Salvador in partnership with Adam Beck, CEO of Blockstream. Strike plans to enter other markets in the coming months. He believes that when governments see the benefits of bitcoin technologies like Strike for financial efficiency and inclusion, it is clear that they will try to follow in El Salvador’s footsteps.
Countries with the highest usage of crypto-currencies
According to Statista Global Economic Survey, the use of crypto currency is on the rise with 33% of Nigerians using crypto currency. A third of Nigerians even reported using cryptocurrencies. The second and third highest percentages of crypto-currencies in the study were Vietnam (21%) and the Philippines (20%). While 16% of respondents in Peru and Turkey reported using cryptocurrencies, in Europe Switzerland and Greece led the way with an adoption rate of 11%. On the other hand, Japan, which is known as one of the most crypto currency friendly countries, was among the countries with the lowest number of users and holders of cryptocurrencies. Only 4% of Japanese respondents said they had experience with cryptocurrencies. Overall, cryptocurrencies are gaining popularity and are recognized as a cheaper way to send money across borders.The president of El Salvador, Nayib Bukele, is considering a bill that would legalize both Bitcoin and initial coin offerings (ICOs) in the country. The bill is intended to help promote El Salvador as a cryptocurrency startup hub, and is likely to be submitted to the country’s lower chamber of Congress in the coming days.. Read more about bitcoin price and let us know what you think.
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