El Salvador becomes first country to make Bitcoin legal tender

El Salvador has become the first country in the world to officially classify Bitcoin as legal currency, the BBC reports.

Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency, with 62 out of 84 possible votes on Tuesday night.

The president said the government had made history, and that the move would make it easier for Salvadorans living abroad to send money home.

Bitcoin will become legal tender, alongside the US dollar, in 90 days.

The new law means every business must accept Bitcoin as legal tender for goods or services, unless it is unable to provide the technology needed to do the transaction.

“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” President Bukele said in a tweet shortly before the vote.

He has previously said the move would open up financial services to the 70% of Salvadorans who do not have bank accounts.

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