El Salvador in Central America is poised to become the first country to adopt Bitcoin as its national currency. El Salvador’s President, Nayib Bukele, said the country has partnered with digital wallet company Strike to build modern financial infrastructure using Bitcoin technology.
Partnership With Strike
Speaking at a Bitcoin conference in Florida, Bukele said, “In the short term, this will create jobs and help bring financial inclusion to thousands of people outside the formal economy,” and added, “It could also increase investments in the country.”
At The Congress Next Week
The President of El Salvador said he will send the law draft to Congress next week. If passed, the move would open up the financial services of 70 percent of Salvadorans who do not have a bank account.
El Salvador’s economy relies heavily on remittances or remittances from abroad, which account for about 20 percent of the country’s gross domestic product (GDP).
More than two million Salvadorans live outside the country. But they continue to maintain close ties to their birthplace, sending back more than $4 billion (£2.9 billion) each year.