The president of El Salvador, Nayib Bukele, announced this Saturday at the Bitcoin 2021 Conference, that he will present a bill next week. Specifically, to legalize Bitcoin in the Central American country. As a result, it caused a stir in the last hours, becoming a trend on social networks.
First of all, the president assured that he was looking for ideas around the world that would serve to prepare his country for the future. And that he considered that Bitcoin may be one of them.
To remember, the 2021 Bitcoin Conference, the largest gathering in history, was held at the Mana Wynwood Convention Center in Miami, Florida, United States.
Nayib Bukele will present a project to legalize Bitcoin
In short, in a recorded message that was issued at the close of the 2021 Bitcoin Conference, Nayib Bukele announced that he will send to Congress a measure that makes Bitcoin a legal currency in El Salvador. Incidentally, the loud applause from the Miami crowd drowned out the rest of his comments.
«In the short term, this will create jobs and provide financial inclusion for thousands of people, outside of the formal economy.».
By the way, Nayib Bukele specified that he partnered with the Strike company to build a modern financial infrastructure. Using Bitcoin technology.
So much so that Anthony Pompliano expressed on Twitter: «The President of El Salvador has just announced that he is converting Bitcoin into legal tender in his country».
Similarly, Adam Back, CEO of Blockstream said: «It was inevitable, but here already: the first country on the way to convert Bitcoin into legal tender. I plan to contribute technologies such as liquid and satellite infrastructure to make El Salvador a model for the world».
Jack Mallers supports this legislative initiative
«They asked me to help them write a plan and that they saw Bitcoin as a world class currency. And that we needed to come up with a plan to help these people».
Similarly, Mallers said on stage that he had lived in El Salvador for three months and found that about 70% of the population does not have a bank account. And 20% of the country’s GDP comes from remittances that migrants send to their families.
«More than 70% of the workforce in El Salvador does not have a bank account. They are not in the financial system. Owning Bitcoin provides a way to protect developing economies from the potential impacts of their fiat currency inflation.».
In addition, Jack Mallers added that within the framework of this project he is going to provide an open source guide which he will call “Bitcoin for countries.”
Finally, what do you think of Nayib Bukele, announcing that the country will make Bitcoin legal tender? Let us know in the comment box.
I close with this phrase by Anthony Pompliano: «El Salvador will be the first country to take such a courageous step. But it will not be the last».