El Salvador, World’s First Country For Bitcoin Legal Tender

El Salvador,World’s First Country For Bitcoin Legal Tender

The President of El Salvador, Nayib Bukele passes a bill for legislation in order to make Bitcoin BTC a legal tender just like the U.S dollar. This news was put forward by the founder of Zap, Jack Mallers. 

Maller’s Announcement 

The founder of Zap, and CEO of Zap solutions, Jack Mallers brought this news to the public at the Bitcoin 2021 conference in Miami. Mallers brought this news out through a video broadcast at the conference on Saturday. He further stated that the reason for him to bring out this news is that his company, Zap Solutions, is working along with Nayib Bukele for the cause. Zap Solutions, being a prominent Bitcoin investment and payments platform, operates on the Lightning network. This is all set to enable El Salvador to achieve its ambition of becoming the World’s first nation to make Bitcoin a standard legal tender. Mallers made this announcement with immense pride and confidence. Maller emotionally stated Zap’s sole aspiration is to lend its service to those economies worse affected by the Central bank’s financial inflation. 

The bill is yet to be passed through legislation. But this would not be a problem as Nayib Bukele’s party holds the majority. The bill will be through legalization anytime. The President claims, this initiative will make new employment for many. He further added it will also benefit thousands of individuals who even don’t possess a bank account.

Reality as the Contradictory

El Salvador is actually known to be one of the poorest countries throughout the Western hemisphere. It severely suffers from low income per capita, high inflation, expansive unemployment, etc.  More than 70% of the population of the whole country is yet to even possess a bank account. According to statistics of 2020, the gross domestic product of El Salvador amounted to only  24.6 billion US dollars. In this, the money sent to the country through its immigrants counts to nearly 20%. All this raises a big question of how El Salvador becoming the world’s first nation to make Bitcoin as standard, will actually help the country. 

Amidst all this, Bukele is confident in his plan. He states making Bitcoins as standard would be the best decision for both the long and short term benefiting the whole country by all means. 

Recommended for You

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.