The government of El Salvador has approved the bill to make Bitcoin the official currency. With this decision, the country’s second official currency became Bitcoin. How the decision, which is a first in the world, will contribute to the economy of El Salvador will be clear in the future.
While many countries of the world have been working to ban cryptocurrencies or keep people away from this sector for a while, a lot of news has come from Central America. The government of El Salvador has allowed Bitcoin to be the official currency of the country. From now on, El Salvadorans will be able to use Bitcoin as they wish, as well as the dollar.
The Bitcoin decision of the El Salvador government went into effect at jet speed. The bill, which was expressed by the president himself in the past days, was approved by 62 representatives in the parliament. We can easily say that the decision taken by El Salvador is a first in the world, and that this decision could start a brand new era for El Salvador.
President Nayib Bukele believes the decision will move the country forward
El Salvador President Nayib Bukele mentioned very important details in his statements about Bitcoin. Mentioning that the market volume of Bitcoin is $680 billion, Bukele argued that if only 1 percent of it enters El Salvador, the gross domestic product of the country will increase by 25 percent. The president, who is only 39 years old, showed how a relatively young administration looks at innovations with this decision.
It is currently unknown how Bitcoin’s official currency will affect the economy of El Salvador. Because, as we have just mentioned, such a practice has never been implemented anywhere in the world before. The roadmap, which is expected to be determined by the government in the coming days, will have created a demo for other countries on how such a volatile currency should be managed.