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El Salvador turns Bitcoin into fiat currency ── bill passes parliament

Cryptocurrency

The El Salvador parliament has officially recognized Bitcoin (BTC) as legal tender.

In a parliamentary vote on the morning of the 9th, a majority agreed with President Nayib Bukele’s proposal, and the president is expected to sign the bill as early as the afternoon of the same day.

President Nayib Bukele explained the details of his vision on Twitter’s voice service “Space” on the morning of the 9th. In El Salvador, about 30% of the population can receive banking services such as opening an account, and the bill appealed that it could promote financial inclusion in the country.

President Bukele also said he was envisioning a law granting permanent residence to individuals who have invested 3 bitcoins in El Salvador.

The recognition of Bitcoin as legal tender requires all businesses in the country to accept Bitcoin as a means of payment for goods and services. But the president said the government would help companies that don’t want to take the risk of price fluctuations.

According to the president, the trust set up by the government at El Salvador Development Bank will take the risk of the company by quickly exchanging Bitcoin for US dollars. The trust will hold about $ 150 million in US dollars.

| Translation: coindesk JAPAN
| Editing: Takayuki Masuda, Shigeru Sato
| Image: Shutterstock in San Salvador, the capital of El Salvador
| Original: It’s Official: El Salvador’s Legislature Votes to Adopt Bitcoin as Legal Tender

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