First country to adopt bitcoin as legal tender

Okay now this came out in Miami El Salvador is looking they stayed in the article here to introduce legislation that will make it the world's first sovereign nation to adopt bitcoin's legal tender.

First country who adopted bitcoin as legal tender

First country adopted bitcoin as legal tender
First country who adopted bitcoin as legal tender

El Salvador looks to become the world's first country to adopt bitcoin as legal tender this is big that's come out now the key points that were made that this actually came out in CNBC June the fifth as of today and it stated here that El Salvador president Bocelli this is the Bocelli the president now that that is proposing this it looks like it's going to get passed here.

he's plans to introduce a legislation that will make going to the world's first sovereign nation to adapt dot bitcoin as legal tender, but Kelly broadcast his intentions on a video at the bitcoin 2021 conference in Miami Bocelli said the country is partnering with digital wallet companies strike to build modern financial infrastructure using bitcoin technology.

Why adopted bitcoin as legal tender?

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Okay now this came out in Miami El Salvador is looking they stayed in the article here to introduce legislation that will make it the world's first sovereign nation to adopt bitcoin's legal tender alongside the us dollar they they're probably concerned with the dollar because the dollar looks like it's probably going to us go into a us dive here pretty soon and if they don't get this debt paid off the they will need a reserve type currency that will be outside the U.S dollar and i think it really surprised me that that of all places.

El Salvador came out with this because it's a really third world country but I think these are the type of countries that are actually gravitating to bitcoin and they want something that's outside their us either their own currency of course they're using the us dollar there but i think they feel actually probably more confident using bitcoin than the us dollar now but they us went on state that in a video broadcast in bitcoin 2000 broadcast two bitcoin in 2021 a multi-day conference in Miami.

Being built as the biggest bitcoin event in history president Naib Bocelli announced El Salvador’s partnership with digital wallets company strike to build a company's modern financial infrastructure using bitcoin technology now next week he stated I’ll send a congress a bill that will make bitcoin a legal tender this is incredible this is the first country that's doing this jack mullers founder of the lightning network payments platform strike said this will go down as the shot heard around the world for bitcoin.

What informative what he's talking is so informative here is that bitcoin is both the greatest reserve asset ever created in a superior monetary network he stated and holding bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation continued.

This crypto will be more common in coming days Mahler now speaking from the main stage Mahler’s said the move will help unleash the power and potential of bitcoin for everyday use cases on an open network that benefits individuals' businesses and public sector services El Salvador is largely a cash economy where roughly 70 percent of the people don't even have bank accounts or credit cards remittances, or the money sent home by migrant's account.

More than 20 percent of El Salvador’s gross domestic product include bent services can charge 10 or more in fees for those international transfers which can sometimes take days to arrive and Salvador’s that you know that sometimes require a physical pickup.

I tell you what's actually making people going to bitcoin more than anything are these banks Salvador’s and these money transfer services because of their fees and import i mean they're high for Salvador’s everyday person even if you've got a lot of money but these people that are dirt poor paying 10 or even 15 of their money for wires.

This is what's driving people into not just bitcoin but these other cryptocurrencies too now it went on to say that bitcoin isn't by an asset, nor does it have the full faith and backing of one government its value's derived in part from the fact that it's digitally scarce there'll only be 21 million bitcoins in existence.

Whereas a lot of those have been lost too well like one out of five was lost from the very beginning so you don't even have 21 million that's out there actually being you know used and serviced and Salvador’s and people you know buying back and forth on because so many of them have already been lost hacked or whatever but while details are still forthcoming about how the rollout will work.

CNBC is told that El Salvador has assembled a team of bitcoin leaders to help build a new financial ecosystem with bitcoin as the base layer now Bocelli’s new ideas party has control over the country's legislation assembly, so passage of the bill is very likely to go through.

It was an inevitability but here already the first country on track to make bitcoin legal tender tinder said Adam Beck CEO of black stream now back said he plans to contribute technologies like liquid and satellite infrastructure to make El Salvador a model for the world we're pleased he stated here to help.

El Salvador on its journey towards adoption of bitcoin standard he said this isn't El Salvador’s first move into bitcoin in march strike launches mobile payments app there and it's quickly become the number one downloaded app in the country the Kelly has been very popular with his populist new ideas party sweeping recent elections however the new assembly recently came under fire after it ousted the attorney general and top judges the move prompted the U.S agency for international development to pull aid from El Salvador’s.

National police and a public information institute instead of rerouting funds to civil society groups this is a big thing folks if you want to learn more on this and other things if you go to our website don't forget to hit that subscribe button folks.

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