President Nayib Bukele, President of El Salvador, is so optimistic on the first ever cryptocurrency, Bitcoin, that he is set to make it a legal tender for the country.
If his opinion is endorsed by the congress, a course of history will be set as El Salvador will be the first country to ratify Bitcoin as a legal tender.
President Nayib Bukele had announced his support at the Bitcoin Conference 2021 that began on the 4th of June and ended the day after. The conference was billed to hold last year but for strict COVID regulations was rescheduled to June this year. The Conference held in Miami, Florida, which the mayor of the big city, Francis Suarez, plans to make the permanent location for the annual conference already being regarded as the biggest crypto occasion. The Mayor has even announced an initiative already in progress to pay Miami workers in crypto. The conference had some notable persons in attendance such as the Winklevoss twins (Cameron and Tyler), Jack Dorsey, Founder and CEO of Twitter and Square, Michaeal Saylor, CEO of MicroStrategy, Tony Hawk, skateboarding legend and many others.
He professed that using Bitcoin would pave the way for a number of benefits, both now and in the future. He further buttressed his point in a number of tweets on 6th of June. He said, “Bitcoin has a market cap of $680 billion dollars,” one of those tweets began. “If 1% of it is invested in El Salvador, that would increase our GDP by 25%. On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.”President Nayib outlined the perks that his country stood to enjoy if the cryptocurrency, Bitcoin, is adopted. He said many lives will be improved including those of low class families.
In furtherance of his support, his official Twitter account now bears a new profile picture depicting him in his official outfit, however with laser eyes.The President’s decision was greeted with delight as people believe it is a milestone for the cryptocurrency industry. The CEO of the cryptocurrency exchange, Binance, Chanpeng Zhao (CZ) endorsed the president’s plan.
Strike, the mobile payments app, also threw their weight behind the president asserting their readiness to work with El Salvador to ensure the successful implementation of the Bitcoin technology. Stripe had extended its services to the country in the month of March.
El Salvador Setting a New Course of History in the Crypto Space
While other countries like US, China, Russia and Venezuela are exploring the option of CBDC (Central Bank Digital Currency), which indicates their unwillingness to adopt cryptocurrencies, El Salvador will become the foremost country to adopt the BTC as a legal tender if the Congress enlist their support for the president’s idea. In the event that this happens, BTC will be used together with the US dollar, which is the country’s official currency.
China has continued with its plans to introduce the Digital Yuan although it is yet to announce an official date when the CBDC will be rolled out. It plans to partner with retail platforms and private banks when the CBDC an official date is released.
Yao Qian, a former official of the People’s Bank of China had towards the end of May announced his support for China’s Digital Yuan in response to Jerome Powell’s ( US Federal Reserve Chairman) opinion that the Digital Yuan will be used to spy on payments of citizens. However, Yio Qian countered this insinuation and argued that the motivation behind the Digital Yuan is a countermove against the large number of private payments brands such as Alipay.
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