El Salvador President Nayib Bukele says that he will send proposed legislation to the country's congress that would make Bitcoin legal tender.
The 39-year-old president, who has maintained approval ratings above 90 percent and made Twitter his preferred way of communicating, characterized it as an idea that could help“Next week I will send to Congress a bill that will make Bitcoin a legal tender in El Salvador," Bukele said.
Additional details of the plan were not released. But Bukele in subsequent messages on Twitter noted that Bitcoin could be “the fastest growing way to transfer 6 billion dollars a year in remittances.” He said that a big chunk of those money transfers were currently lost to intermediaries and with Bitcoin more than a million low-income families could benefit.He also said 70 percent of El Salvador's population does not have a bank account and works in the informal economy. Bitcoin could improve financial inclusion, he said.
Riding his high popularity and his party's dominance performance in Feb. 28 elections, Bukele has concentrated power. His party's supermajority in congress ousted the justices of the Constitutional Chamber of the Supreme Court May 1. They then replaced the attorney general. They had been critical of some of Bukele's more drastic measures during the pandemic, including a mandatory stay-at-home order and containment centers where those caught violating the policy were detained.
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