El Salvador to make bitcoin legal tender

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The president of El Salvador, Nayib Bukele, said on June 5 that he would prepare a law to make bitcoin legal tender. This would make the Central American country the first to give legal status to the private cryptocurrency.

Bukele made the announcement in a video broadcast to a bitcoin enthusiasts’ conference in Miami, Bitcoin 2021. The president expressed hopes that the digital currency would help the financially excluded. On Twitter, he noted that 70% of Salvadorans are unbanked.

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