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President El Salvador wants Bitcoin as fiat currency

San salvador – El Salvador’s President Nayib Bukele announces in a recorded message at the Bitcoin conference in Miami on Saturday that he will send a bill to parliament next week to make cryptocurrencies legal tender in Central American countries. did.

The 39-year-old president maintained a support rating of over 90% and preferred to use Twitter as a means of communication, characterizing it as an idea that could help El Salvador move forward.

“Next week, we’ll submit to Congress a bill to make Bitcoin legal tender in El Salvador,” Bukele said. In the long run, we hope this little decision will help push humanity in the right direction. I will. “

The US dollar is the official currency of El Salvador. About a quarter of El Salvador’s citizens live in the United States, with over $ 6 billion in remittances last year despite the pandemic.

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Bukele’s New Ideas Party has a majority in the new parliament, which opens on May 1, and is very likely to pass legislative proposals from the president.

No additional details of the plan have been announced. However, Bukele said in a subsequent Twitter message that Bitcoin could be “the fastest growing way to send $ 6 billion a year.” He said most of these transfers. Is now lost to intermediaries, and Bitcoin has said that more than a million low-income households can benefit.

He also said that 70% of El Salvador’s population does not have a bank account and works in an informal economy. Bitcoin has the potential to improve financial inclusion, he said.

Riding on his high popularity in the February 28 elections and his party’s dominance, Bukele concentrated his power. On May 1, a judge in the Constitutional Court of the Supreme Court was expelled because his party made up the majority in Parliament. After that, the Attorney General was replaced.

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They were critical of some of Bukele’s more drastic measures during the pandemic, including home waiting orders and detention centers detaining persons caught in violation of policy.

While enjoying a good relationship with former US President Donald Trump, Bukele has built a more tense relationship with President Joe Biden’s administration.

Last month, Special Envoy Ricardo Zniga of the White House’s North Triangle said when he visited El Salvador, the U.S. government wanted El Salvador to withdraw its opposition to the court and the Attorney General. Said it wouldn’t happen.

Mr. Bukele’s concentration of power, attacks on critics, and outright contempt for his restraint of power have raised concerns about the course of El Salvador. However, Bukele has a broad support base due to the complete failure of the traditional political parties that have ruled to improve people’s lives over the last three decades and their ability to provide short-term benefits. Masu.

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Bukele is praised for actively obtaining the COVID-19 vaccine and running an efficient vaccination program that is far more successful than its neighbors in El Salvador.

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President El Salvador wants Bitcoin as fiat currency

Source link President El Salvador wants Bitcoin as fiat currency

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