The Salvadoran president, of Palestinian origin, Najib Bukele, had said in early June that he would send to the House of Representatives “a bill that would make Bitcoin legal,” according to what was reported by the American television network CNBC, and after 3 days, that is, on June 9, Parliament approved By a majority of 62 out of 84 members on the law, and on the use of the currency starting from September 7, “and organizing it as a legal currency that is not restricted by the editorial authority and is not limited by any transaction, nor by any condition that natural, legal or legal persons must implement,” according to what Al-Arabiya.net summarizes. Reports received in the local media, with a footnote indicating that the foreign investor in the currency of “Bitcoin” will obtain the right of permanent residence in the country if he wants.
In fact, Bitcoin has been used since 2019 in an area famous for its beaches and sea resorts in El Salvador, which is El Zonte, which two American pioneers of digital currencies in the United States, Michael Peterson and Nicholas Berti, launched a project in which they called Bitcoin Beach and allows the use of “Bitcoin” via Cell phones and computers to pay for everything that is bought, even if it is groceries, they encouraged sellers to accept the cryptocurrency, and what they did won the admiration of President Bukele.
The law states that Bitcoin must be accepted as payment when offered, except when sellers or recipients do not have the technology to conduct transactions. And because the use of the Internet is not widely spread in rural areas, so Bukele, who we see talking about the topic in the video presented below, promised to build a satellite infrastructure, allowing rural residents to communicate via the Internet, facilitating dealing with the new currency in countries not more than 70% Of its population of 8 million and 600 thousand accounts in banks.
Najib Boukeli, 40, justified his intention to legalize “Bitcoin” by saying that the official adoption of the currency creates new job opportunities “and allows thousands of people to enter the financial system, after they were outside the legal economy,” and explained, according to what Al-Arabiya has seen. Net” on the website of the local newspaper La Prensa Grafica, that citizens will be able to pay their taxes in cryptocurrency, or in US dollars, because remittances from abroad to El Salvador, with an area of 21 thousand square kilometers, represent 22% of GDP, so the dollar is always available in country.