This makes El Savador the first country in the world to adopt a cryptocurrency for everyday use.
Lawmakers in the Central American nation’s Congress passed a bill late Tuesday, June 8, that will eventually allow the digital currency to be used for many aspects of daily life, from property purchases to tax contributions.
The #BitcoinLaw has just been approved by a qualified majority” in the legislative assembly, President Nayib Bukele, 39, tweeted after the vote late Tuesday.
“History!” the 39-year-old president added.
With 62 out of 84 possible votes, lawmakers voted in favour of the move to create a law to adopt bitcoin, despite concern about the potential impact on El Salvador’s program with the International Monetary Fund.
Bukele said on Twitter before the vote in Congress: “It will bring financial inclusion, investment, tourism, innovation and economic development for our country.”
Under the “Bitcoin Law”, bitcoin must be accepted by firms when offered as payment for goods and services. Tax contributions can also be paid in bitcoin.
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