Bitcoin: The legal tender of El Salvador contains the cryptocurrency “digital wallet” – President

How this photo comes from, Reuters

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President Nayib Bukele says we’re making it easier for Pipo to send money home

El Salvador’s legal tender will soon become the Bitcoin cryptocurrency, President Nayib Bukele announced Sunday.

If Congress supports the plan, the Central American country will be the first country to officially adopt the digital currency.

Plan to use Bitcoin alongside the US dollar, El Salvador’s official currency.

President Nayib Bukele says Bitcoin go makes it easy for Salvadorans living abroad to send payments home.

“In the short term, dis go creates jobs and helps bring financial inclusion to thousands outside the formal economy,” Oga Bukele said at a Florida bitcoin conference, adding that e fit would also boost investment in di kontri.

I say I’ll send the legislation to Congress next week.

If you pass, you’ll open financial services to 70% of unbanked Salvadorans, President.

El Salvador’s economy relies heavily on remittances, or money sent home from abroad, and accounts for about 20% of the countries gross domestic product (GDP).

More than two million Salvadorans live outside their country, but they remain close ties to their place of birth as they repatriate more than $4 billion (£2.9 billion) each year.

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Bitcoin Explained: How Does Cryptocurrency Work?

Current services charge fees for transfers, they can take days to arrive and sometimes you have to collect them in person, according to the announcement.

“We want to improve the lives and futures of millions,” said Oga Bukele tok.

I don’t give any further details on how these policies work.

Bitcoin, a virtual asset that has no direct connection to the real economy, does not experience fluctuations in value over the years.

“PR Value”

Strike, we’re going to be a mobile payments app for El Salvador, and won’t start work on introducing bitcoin to accounts, Reuters reports.

“By adopting a native digital currency as legal tender, El Salvador will become the most secure, efficient and globally integrated open payments network for the world,” said founder Jack Mallers.

Rohan Grey, an expert at the Digital Currency Global Initiative, told the BBC that Oga Bukele is “the young president trying to capitalize on a popular image”.

“Lots of PR value announcing something like this even if you never work out all the details”, in the tok.

More generally, Oga Gray warns that being legal tender gives kontri wey dey adotp cryptocurrency considerable control over the network, which is becoming neither stable nor accountable players and not gaining a track record of ensuring price stability and liquidity that the currency is intended to provide”.

Roger Ver of the website says that oda cryptocurrencies are better off bitcoin.

“This isn’t fantastic news for all cryptocurrencies in general, but most people in the world never realize that bitcoin isn’t working as a currency again,” I tell BBC World.

“Oda currencies like Bitcoin Cash or Monero or ZCash work much better as currency now.”

A unique and bold move

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Analysis box by Will Grant, Correspondent for Mexico and Central America

The plan announced by President Nayib Bukele is that the small Central American nation will be the first in the world to adopt the digital currency bitcoin as legal tender alongside the dollar.

Be a unique and bold move, the first of a sovereign contra, and we can be part of the attraction for Oga Bukele, a young, media-savvy and very popular leader who worries Washington about his autocratic tendencies.

Many questions remain about how the digital currency will become legal tender – they need a major overhaul of El Salvador’s financial infrastructure with Bitcoin as the primary currency.

But essentially we should say na wetin Presido Bukele they propose.

Much of El Salvador’s nascent economy relies on remittances from abroad, and switching to digital currency allows family members to avoid the costly fees associated with sending money home each month.

Whether it happens or not, a move is likely to bolster Bitcoin’s image as the “currency of the future,” and President Bukele stands as an innovator among his supporters.

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