El Salvador moves to make bitcoin legal tender. It would become the first country to formally adopt the cryptocurrency as part of its economy.
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An important person tweeted about adopting
Why El Salvador? Much of the Central American country already operates outside the bounds of formal
- 70% of the population does not have a bank account.
- 20% of the country's GDP comes from remittances, which are payments sent by Salvadorans living abroad back to the country.
Bukele said that bitcoin could help streamline those cumbersome cross-border payments, while promoting "financial inclusion" for those left out of the system.
Zoom out: There aren't many details yet, and Bukele's not sweating them. At 39 years old, he's savvy with social media and extremely popular with his constituents-his approval rating is more than 85%. This bitcoin bill should easily pass.
+ While we're here: Bukele's announcement came in a taped message delivered to the Bitcoin 2021 conference in Miami. Here's a fun read describing the ridiculousness of the event.
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