El Salvador is the first country to approve the legal use of Bitcoin


El Salvador’s Congress passed a law early this Wednesday morning making Bitcoin legal tender in the country.

As reported The financialWith this measure, the Central American nation is the first country to officially introduce an external cryptocurrency (although Venezuela was introduced Petro, the world’s first state-owned cryptocurrency a few years ago).

El Salvador is the first country to approve the legal use of Bitcoin
El Salvador is the first country to approve the legal use of Bitcoin

The so-called Bitcoin law states that “its aim is to regulate Bitcoin as legal tender, unreservedly with liberating power, unlimited in every transaction.” The dollar is used as the reference currency for accounting purposes.

In this way, the state will promote the necessary training and mechanisms so that the population can access Bitcoin transactions.

The law is now going to be signed by President Nayib Bukele, who has already celebrated the passage of the law on Twitter.

Bukele pointed out that “the #LeyBitcoin is ambitious but simple, it is also well structured so that it has zero risk for those who do not want to take risks”.

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