El Salvador’s Bitcoin Bill was first publicized last weekend during the Bitcoin Miami 2021 Conference. It proposes to regulate Bitcoin as legal tender, therefore integrating it with the country’s official currency, the U.S dollar.
Yesterday, the Bill was passed before Congress to seek approval. Anthony Pompliano called it a “historic day for humanity.” The latest reports suggest that the Bill has now been approved. But doubts on both the Bill itself and the suitability of El Salvador as a Bitcoin hub remain.
President Bukele Sees Bitcoin As The Path To Economic Prosperity
President Nayib Bukele surprised the world on Saturday when he announced plans to make Bitcoin legal tender in the Central American nation.
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He spoke about the benefits of helping migrants living abroad send remittances home. And also how this could improve the lives of millions by bringing economic growth and financial inclusion to the country.
“In the short term this will generate jobs and help provide financial inclusion to thousands outside the formal economy.”
The move has triggered a flood of neighboring Latin American countries to signal their intent to follow suit. So far, the list of countries that may emulate El Salvador includes Brazil, Paraguay, Panama, and Mexico.
Skeptics Sharpen Their Knives