El Salvador moves to make bitcoin legal tender. It would become the first country to formally adopt the cryptocurrency as part of its economy.
Hello! This story is from today's edition of Morning Brew, an awesome daily email read by 2.9 million next-generation leaders like you. Sign up here to get it!
An important person tweeted about adopting bitcoin…and guess what? It wasn't Elon Musk.
On Saturday, El Salvador's president, Nayib Bukele, said he's going to send a bill to the legislature to make bitcoin a legal tender in the country. It'd be the first country to formally adopt the cryptocurrency as part of its economy.
Why El Salvador? Much of the Central American country already operates outside the bounds of formal finance:
Bukele said that bitcoin could help streamline those cumbersome cross-border payments, while promoting "financial inclusion" for those left out of the system.
Zoom out: There aren't many details yet, and Bukele's not sweating them. At 39 years old, he's savvy with social media and extremely popular with his constituents-his approval rating is more than 85%. This bitcoin bill should easily pass.
+ While we're here: Bukele's announcement came in a taped message delivered to the Bitcoin 2021 conference in Miami. Here's a fun read describing the ridiculousness of the event.
This story is from today's edition of Morning Brew, a daily email. Sign up here to get it!
Read the original article on Business Insider