El Salvador may be the first country to adopt Bitcoin as legal tender, as its president announced his intent to create and send to congress a bill for approval and enactment.
During the Bitcoin 2021 conference, Salvadorian President Nayib Bukele said he wants to formally adopt Bitcoin as legal tender, noting that the cryptocurrency can be used by overseas workers to send remittances back home.
Specifically, per his official Twitter account, Bukele believes Bitcoin is the fastest way his constituents can remit 6 billion dollars. Bitcoin, he notes, can also increase his country’s GDP by 25 percent if even just a percent of Bitcoin’s market cap is invested in the country.
Should El Salvador follow through with its plan to adopt Bitcoin, it will be put in circulation alongside the country’s official currency the US dollar. El Salvador’s plan comes at an interesting time as Bitcoin is currently experiencing price drops and crackdowns elsewhere in the world.