Oyogist has learned that El Salvador has formally okayed the use of Bitcoin as a means of exchange for goods and services, making the country the first in the world to adopt Bitcoin as Legal tender.
The El Salvador Congress approved President Nayib Bukele’s proposal to adopt the cryptocurrency.
Majority of lawmakers approved the initiative to create a law that will formally adopt Bitcoin.
The country’s president, Bukele said the use of Bitcoin would help Salvadorans living abroad to send remittances back home, while saying the U.S. dollar will also continue as legal tender.
“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” Bukele said in a tweet shortly before the vote in Congress, which is controlled by his party and allies.
“The government will guarantee the convertibility to the exact value in dollars at the moment of each Bitcoin transaction,” Bukele said.
