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Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country - Foreign Affairs - Nairaland

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Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by HonNL: 2:59pm On Jun 09
El Salvador has become the first country in the world to formally adopt Bitcoin as legal tender after President Nayib Bukele said Congress approved his landmark proposal.

Latin America’s youngest president, who’s known to break from norms, said on Twitter lawmakers approved the legislation by a “supermajority.”

The 39-year-old leader has previously said that Bitcoin could boost the economy, help counter El Salvador’s low banking penetration rate and facilitate faster transfers for $6 billion of remittances a year.

The high-stakes plan to ramp up usage of the volatile currency adds to the bull case, just as the token struggles to recover from last month’s dramatic rout.

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

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

62 out of 84 votes!

History! #BTC��

President of El Salvador, Nayib Bukele


With 62 votes, the legislative plenary session approves the #BitcoinLaw with which El Salvador adopts #Bitcoin as a legal currency.

The Legislative Assembly keep making history

El Salvador Legislative Assembly

El Salvador’s central bank President Douglas Rodriguez said in an interview with state TV on Tuesday that Bitcoin is already used in the country and “it’s not something people need to be afraid of,” while adding it won’t replace the U.S. dollar.

Bitcoin has plunged from a mid-April record of almost $65,000, hurt in part by billionaire Elon Musk’s criticism of the amount of energy needed by the servers underpinning it.

Harsher regulatory scrutiny in places such as China has also soured sentiment, and the idea that more mainstream investors will warm to it has taken a knock. But the Bitcoin faithful say these are temporary setbacks and that the virtual currency’s role will expand.

Bitcoin climbed 3% to about $34,686 as of 12:25 p.m. in London on Wednesday, reversing earlier losses. The wider Bloomberg Galaxy Crypto Index increased 2.4%.

Bloomberg

39 Likes

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by Kriss216: 3:01pm On Jun 09
The 39-year-old leader has previously said that Bitcoin could boost the economy, help counter El Salvador’s low banking penetration rate and facilitate faster transfers for $6 billion of remittances a year.
One of the advantages of having a young leader.

Our darling daddy is busy with cows and twitter ban.


And to think some group of people are cheering Tinubu an old man to replace Buhari an ancestor cry

310 Likes 20 Shares

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by Ekez(m): 3:03pm On Jun 09
Our country ban crypto but our honorable minister dey trade am secretly � grin grin grin
Them dey deceive zombie everytime.
If you check am no buhari dey trade crypto grin grin grin

133 Likes 12 Shares

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by Icarus99(f): 3:05pm On Jun 09
Even as the thing dey drop any how

1 Like 1 Share

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by optimistfeel(m): 3:20pm On Jun 09
That's Good !!!!
Mean while in Nigeria/UAR they moves to ban it .......our leaders are all � goat.....

6 Likes

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by Icarus99(f): 3:21pm On Jun 09
Now is the time to stock up btc
Something tells me it will sky rocket but I don’t know if it’s the devil or village pipu talking

47 Likes 5 Shares

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by abumeinben(m): 3:21pm On Jun 09
Old news

Good one...

Malami the trader will be happy.

5 Likes

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by benzene00: 3:21pm On Jun 09
Doesn't change the fact that Bitcoin is going to the core earth grin grin >:


Dip

4 Likes

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by zeusdgrt(m): 3:21pm On Jun 09
That's when u have a functional educated man as president,not one analog backward ethnic illiterate corrupt slow one

28 Likes 1 Share

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by light099(m): 3:21pm On Jun 09
Lame move.
Just one tweet from Elon Musk and your whole country finance is in jeopardy.

Why not create a stable digital currency like China?
Only a dummy puts a national faith in the volatility of cryptocurrency.
Crypto is only suitable for individual or private organization risk takers, not an official national thing.

27 Likes 8 Shares

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by Militant30: 3:21pm On Jun 09
Since fooolani herdsmen can't use it,Nigeria will not approve it as legal tender.


Nonsense Insecticides.
Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by Ceenachi(m): 3:21pm On Jun 09
However seems like such announcement have not impacted the crypto market
El Salvador doesn’t have the Chinese power to move markets.

Warning signBukele might change his decision once he realizes the hidden Risk for a country, for now he’s looking to be noticed

Time will tell ...

2 Likes 1 Share

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by syrecookie: 3:21pm On Jun 09
When will Nigerian lift the ban on crypto trading na

4 Likes

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by Goalty01: 3:22pm On Jun 09
See country Name
Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by Sysdatek: 3:22pm On Jun 09
They are welcome
Meanwhile Malami can fight us here in the afternoon and trade at night in his closet using latoken for money laundering and storage like his friends in abj are doing

But am glad to let him know crypto traders are bigger than them and we are not going anywhere anytime soon

#binanceaddict

7 Likes 1 Share

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by richeeyo(m): 3:22pm On Jun 09
Lia Mohammed must hear this
Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by HitRun(m): 3:22pm On Jun 09
Risky move.

1 Like

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by wunmi590(m): 3:22pm On Jun 09
Good development

1 Like

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by officialwdhtv: 3:22pm On Jun 09
Nice
Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by PHIPEX(m): 3:22pm On Jun 09
Forward thinking country. Nigeria will rather return to the stone age than imagine a futuristic world.

2 Likes

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by BuyAndSellStuff: 3:22pm On Jun 09
So one day, they may have the highest GDP in the world and become the poorest nation the next morning.

Lol

5 Likes 1 Share

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by cbrezy(m): 3:22pm On Jun 09
This is a very risky innovation, imagine if Chinese FUD comes up again and many didn't follow the rule of trade what you can afford to loose shocked sad
Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by safesurfer: 3:22pm On Jun 09
Goodluck to them. I can't have any opinion on the crypto debate. I'm too broke to have any. Too broke to invest in local currency, too broke to invest in crypto.
So if you're pro or anti-crypto, I don't care. Whatever rocks your boat. angry

Oops, I guess that counts as an opinion undecided

11 Likes

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by Proarc: 3:22pm On Jun 09
Great news, on my to el savidor
Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by wink2015: 3:22pm On Jun 09
Good development.

1 Like

Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by Revere27: 3:23pm On Jun 09
Our own country go they form James Bond for things whey dey no sabi angry
Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by Topmaike007(m): 3:23pm On Jun 09
El-Salvador here we come
Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by floss(m): 3:23pm On Jun 09
M
Re: Bukele: El Salvador Adopts Bitcoin As Legal Tender, The First Country by rawtouch: 3:23pm On Jun 09
k

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