In El Salvador, Bitcoin is not only legal tender, but it’s also the country’s official currency. This makes El Salvador the first sovereign nation to adopt Bitcoin as legal tender.
The move was announced by President Nayib Bukele during his address at the Bitcoin 2021 Conference in Miami. Bukele said that El Salvador has partnered withStrike, a Florida-based startup, to develop the necessary infrastructure for the rollout of the Bitcoin Standard.
Under the agreement, Strike will provide point-of-sale systems, ATMs, and other services to help businesses and individuals in El Salvador accept and use Bitcoin. The company will also help the government convert its foreign reserves into Bitcoin.
Bukele said that adopting Bitcoin will help boost economic activity in El Salvador, which has a population of 6.5 million people.
He also believes that it will attract more foreign investment and create jobs. .
The president’s announcement was met with applause from the crypto community. Tyler Winklevoss, co-founder of Gemini, called it a “historic day” for Bitcoin.
Elon Musk, CEO of Tesla, also tweeted his support for the move, saying that it’s “a great idea.”
It remains to be seen how smoothly the rollout of the Bitcoin Standard will go in El Salvador. But if successful, it could pave the way for other countries to follow suit.