El Salvador adopts Bitcoin as legal tender, first in the world

El Salvador adopts Bitcoin as legal tender, first in the world

El Salvador has become the first country in the world to adopt the cryptocurrency Bitcoin as legal tender.

The adoption came after President Nayib Bukele’s proposals to embrace cryptocurrency were approved by congress.

On Tuesday night, lawmakers voted in favour of the plan with 62 out of 84 possible votes.

The country’s president made the proposal at a Bitcoin conference over the weekend.

The approval means that the cryptocurrency can be used for any transactions in El Salvador – unless a business is unable to provide the technology needed.

People won’t be forced to use Bitcoin and the US dollar will remain the country’s official currency.

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