El Salvador has become the first country in the world to formally adopt Bitcoin as legal tender after President Nayib Bukele said Congress approved his landmark proposal.
Latin America’s youngest president, who’s known to break from norms, said on Twitter lawmakers approved the legislation by a “supermajority.”
The 39-year-old leader has previously said that Bitcoin could boost the economy, help counter El Salvador’s low banking penetration rate and facilitate faster transfers for $6 billion of remittances a year.
The high-stakes plan to ramp up usage of the volatile currency adds to the bull case, just as the token struggles to recover from last month’s dramatic rout.
The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.