El Salvador became the first country to legalize Bitcoin

El Salvador became the first country to legalize Bitcoin

 El Salvador has become the first country to officially accept bitcoin as a legal tender. El Salvador's parliament voted Tuesday to approve the proposal. Sixty-two out of 84 lawmakers voted in favor of officially recognizing Bitcoin.

President Bukele has responded that the government has made history. At the same time, El Salvador's citizens living abroad can now easily send money home, he said. He expressed confidence that along with this decision, the country's foreign investment will increase in the coming days, financial inclusion will improve and employment will also increase.

In addition, in the next 90 days, Bitcoin will become the legal currency in El Salvador, similar to the US dollar. The new law requires businesses in El Salvador to accept Bitcoin as a legal currency for purchasing goods and services.

Earlier, El Salvador said the scheme would provide financial services to 70 percent of people without a bank account. Some economists are skeptical of El Salvador's legislation.

He says Salvador's previous borrowings from the International Monetary Fund (IMF) or other financial institutions could have an impact. He also said that the price of Bitcoin is fluctuating and there may be problems with its use.