El Salvador is likely to become the first country to adopt bitcoin as legal tender after a groundbreaking announcement on Saturday.
President of El Salvador Nayib Bukele announced at Bitcoin 2021 conference in Miami that the country of El Salvador has partnered with Strike, a digital holding company, to begin transforming the country’s financial infrastructure in Bitcoin technology, reported CNBC.
Bukele is reportedly tabling a bill next week, which still has to be passed by the country’s legislature.
El Salvador first got to know Strike when, in March, Strike’s recently launched mobile payment app became the first downloaded app in the country.
Strike Founder and CEO Jack Mallers said: âWhat is transformative here is that bitcoin is both the largest reserve asset ever and a superior monetary network. to protect developing economies from potential fiat currency inflation shocks. “
Because El Salvador is primarily a money-based economy, they think the change will help a lot of people. âThey asked me to help write a plan and they saw bitcoin as a world class currency,â Mallers said, âand that we needed to put a Bitcoin plan in place to help these people.â
Bitcoin Magazine reported that because bitcoin is programmatically issued and does not fall under the control of any third party or central bank, El Salvador now has the unique advantage of bitcoin’s properties, especially as a primarily digital store of value.
The change comes conveniently in a country that is already familiar with bitcoin; El Salvador is home to El Zonte, a bitcoin community that created the Bitcoin Beach Project, a sustainable Bitcoin economic ecosystem.
CNBC reported that while details of the deployment have yet to be released, El Salvador already has a team of bitcoin executives to help reshape the financial landscape, with bitcoin as its foundation.
The Bitcoin 2021 conference seemed to be full of excitement. Floyd Mayweather, a professional boxer, spoke on Friday, where he referred to competition and stressed that people should work together.
âEveryone in the crypto world is competing with each other, so I think everyone should be able to choose what they want to choose and go with who they want to go,â he said. declared, as reported by Bitcoin News. “I believe there will one day be another cryptocurrency as big as bitcoin.”
This comment was not taken lightly by the bitcoin enthusiasts in the crowd, who started booing. Bitcoin News reported that he responded quickly and told the crowd he was entitled to that opinion.
Another speaker was interrupted when a man stood on stage in front of him, began to tear his clothes off, wearing yellow shorts and a dogecoin shirt underneath. He then began to shout: “Dogecoin to the moon!”
News week has contacted the CEO of Strike Mallers for comment.