Bitcoin will soon be an official currency in El Salvador
Illustration by Alex Castro / The Verge
El Salvador has passed a resolution to make Bitcoin a legal currency, which makes it the first country to do so (via The Guardian). According to the law, citizens will be able to use Bitcoin to do everything from paying taxes and paying off debts to buying goods and services. The move was championed by President Nayib Bukele, who says it’s a way to help those who don’t have access to banks, and those who want to send money back to the country from abroad, but critics worry that it’ll be more show than substantive change.
The proposal was passed by El Salvador’s congress on Tuesday night, after Bukele announced it at a Bitcoin conference in Miami last week. It wasn’t a close call, with 62 out of 84 legislators voting for it, but it’s…