El Salvador loves Bitcoin and wants to make it common and legal

El Salvador wants to become the first country in the world to make Bitcoin common and legal. The bill is expected to be presented to Congress shortly.

The announcement had the effect of a bomb in the world of cryptocurrencies. Over the weekend, El Salvador’s President Nayib Bukele announced his intention to Bitcoin legal and current currency in his country. “I will send to Congress a bill that will convert bitcoin into legal tender” he explained during a conference and then in the form of a tweet.

The objective of this initiative is multiple. It already is in terms of investments in El Salvador. “Bitcoin has a market capitalization of $ 680 billion. If 1% of this amount is invested in El Salvador, it will increase our gross domestic product (GDP) by 25% ” Nayib Bukele explained.

This would also facilitate the transfer of funds from abroad to El Salvador, due to the very nature of Bitcoin. These amounts currently represent nearly 22% of the country’s GDP. This would directly benefit Salvadorans, and prevent many ” millions of dollars “ do not end up with intermediaries in the context of transfer in dollars, which is today the currency in force in El Salvador.

Finally, it is also a way for El Salvador to allow “Financial inclusion for thousands of people who are outside the legal economy”. The President of El Salvador explains that nearly « 70% » of the population simply do not have a bank account and are said to be working in the informal economy. The use of Bitcoin would thus allow these people to access savings and credit.

For now, it is still only a bill. This will soon be debated in El Salvador’s legislative body. The initiative is daring, just as the growing use of cryptocurrencies worries many countries around the world, such as China or PInde. However, unlike the variations caused by les tweets d’Elon Musk, this announcement has had little impact on the price of Bitcoin in recent days.

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