El Salvador’s President, Najib Bukele, announced on Saturday that he will send a bill to parliament next week in order to enact legislation making the cryptocurrency bitcoin legal in the Central American country, becoming the first country in the world to take this approach.
Abu Kaileh announced the move in a pre-recorded message posted on Saturday during the Bitcoin 2021 conference in Miami, Florida, during a presentation hosted by Jack Muellers, founder of digital wallet company Strike.
“Next week, I will send to Congress a bill that will make Bitcoin legal in El Salvador,” Bukele said.”In the short term, this will create jobs and help provide financial inclusion for thousands outside the formal economy,” the president added.
“More than 70 percent of the population in El Salvador does not have a bank account. They are not in the financial system,” Muellers said during the presentation.
“They asked me to help write the bill and that they view Bitcoin as a global currency and that we need to put together a Bitcoin plan to help these people,” he continued.
The International Labor Organization estimates that six out of 10 people in El Salvador live off the country’s informal economy.