El Salvador: World's First Country to Adopt Bitcoin as Legal Tender?
CNBC reports that El Salvador "is looking to introduce legislation that will make it the world's first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar." In a video broadcast to Bitcoin 2021, a multiday conference in Miami being billed as the biggest bitcoin event in history, President Nayib Bukele announced El Salvador's partnership with digital wallet company, Strike, to build the country's modern financial infrastructure using bitcoin technology. Strike founder and CEO Jack Mallers said this will go down as the "shot heard 'round the world for bitcoin...." Speaking from the mainstage, Mallers said the move will help unleash the power and potential of bitcoin for everyday use cases on an open network that benefits individuals, businesses, and public sector services... While details are still forthcoming about how the rollout will work, CNBC is told that El Salvador has assembled a team of bitcoin leaders to help build a new financial ecosystem with bitcoin as the base layer. "It was an inevitability, but here already: the first country on track to make bitcoin legal tender," said Adam Back, CEO of Blockstream.
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