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 . Anthony Pompliano called it a “historic day for humanity.” The latest reports suggest that the Bill has now been . 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 surprised the world on Saturday when he announced plans to make Bitcoin legal tender in the Central American nation.“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
According to , El Salvador becomes the first country to adopt Bitcoin as legal tender officially. Lawmakers voted by a “supermajority” in favor of the Bill. However, the Bill still needs to pass through the legislative process before becoming law.As much as President Bukele has extended his welcome to cryptocurrency investors and entrepreneurs, doubts remain about the country’s safety. Travel advice from the mentioned that although the country is relatively “trouble free,” El Salvador has one of the highest crime rates in Latin America. It also raised issues with ongoing political tension in the country and a recent motion to remove judges from the constitutional chamber.“it’s a non event. will never be used as a medium of exchange or unit of account. The sole purpose of the symbolic gesture is to get Bitcoin companies to set up shop, pay taxes and create some jobs, while allowing Bitcoin pumpers to exaggerate the significance.”
“On 1 May, motions carried by the Legislative Assembly to remove the judges who sit in the constitutional chamber of the nation’s Supreme Court and the Attorney General led to calls for protests.”
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