[Taklimakan Blog] The First Country in the World to Legalize Bitcoin as a Means of Payment

The relevant law was passed by the Parliament of El Salvador. The document takes three months to create an infrastructure that will allow accepting payments in cryptocurrency

Bitcoin became the legal tender in El Salvador as a result of the adoption of the relevant law by the country’s parliament. President Nayib Bukele announced that he would sign the document soon, after which it would come into force “immediately”. 90 days will be given to creating infrastructure for payments in cryptocurrency.

Acceptance of bitcoins for payment will become mandatory in the country. The head of El Salvador stressed that the cryptocurrency will be legal tender along with the US dollar.

The government also plans to create an official crypto wallet and will store $150 million worth of bitcoins in it in a trust fund based on the Development Bank of El Salvador to ensure the automatic and instant exchange of BTC for the US dollar. According to Bukele, the creation of a modern financial infrastructure will help create new jobs soon.