El Salvador adopting bitcoin as legal tender

El Salvador on Wednesday became the first country to adopt bitcoin as a legal tender, multiple news outlets reported.

Salvadorian President Nayib Bukele shared that the country’s lawmakers approved the bill by a 62-22 vote. 

The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.

62 out of 84 votes!

History! #Btc

— Nayib Bukele (@nayibbukele) June 9, 2021

Bukele also shared on Twitter that he sent the bill to Congress, showing documents of the new legislation to the public. 

I’ve just sent the #BitcoinLaw to Congress pic.twitter.com/DljnxsXlyt

— Nayib Bukele (@nayibbukele) June 9, 2021

The new legislation allows the exchange rate between bitcoin and the U.S. dollar to be freely established in the market, according to the legislation. 

The law also adds that firms must accept bitcoin as a payment and the cryptocurrency can be used to pay tax contributions as well. 

Bukele, who has high poll ratings in his country, shared on Saturday that he will propose this new legislation to Congress in the beginning of next week. 

Welcome to the future #Bitcoin pic.twitter.com/j30vcZVXvJ

— Nayib Bukele (@nayibbukele) June 5, 2021

The price of bitcoin surged 5 percent, to $34,239.17, shortly after the vote, CNBC noted.