El Salvador (a country in Central America) makes history by becoming the first country to officially adopt Bitcoin as Legal tender.
President Nayib Bukele confirmed that 62 members of the legislature voted in favor of the bill, 19 opposed it and there were 3 abstentions.
This will be a major boost to El Salvador citizens as only 30% have access to financial services, and remittance money makes up approximately 22% of El Salvador’s GDP (so citizens will save significantly on remittance transfer fees). As Forbes states, this law is “ushering in a new era of global monetary inclusion“.
