El Salvador becomes the first country in the world to officially authorize the use of bitcoin as legal tender for exchanges after the legislation for its adoption received the support of 62 of the 84 votes of the Assembly.
“In plenary session 7, with 62 votes, the new Assembly approved the ‘Bitcoin Law’, with which El Salvador adopts bitcoin as legal tender,” said the Salvadoran body, which stressed that the plenary has supported each of the 16 articles of the project.
The vote has been applauded by the country’s president, Nayib Bukele, who said that the country makes “history”. “The ‘Bitcoin Law’ has just been approved by a qualified majority in the Legislative Assembly. 62 out of 84 votes!” he has highlighted.
The law approved by the body states that the use of this cryptocurrency will be “unrestricted with liberatory and unlimited power in any transaction and any title that natural or legal public or private persons want to carry out”.
It also establishes that the exchange rate between the dollar and bitcoin will be established by the market itself, although for accounting purposes the dollar will continue to be used as a reference, as reported by the Salvadoran newspaper ‘La Prensa Gráfica’.
The proposal was unveiled over the weekend by the Minister of Economy, María Luisa Hayem, in the framework of a global conference on this cryptocurrency held in the U.S. city of Miami.
