If his plan is backed by congress, the Central American country would be first in the world to formally adopt the digital currency. "In the short

Bitcoin: El Salvador plans to make crypto-currency legal tender

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2021-06-06 11:00:05

If his plan is backed by congress, the Central American country would be first in the world to formally adopt the digital currency.

"In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy," Mr Bukele told a Bitcoin conference in Florida, adding that it could also boost investment to the country.

#Bitcoin has a market cap of $680 billion dollars. If 1% of it is invested in El Salvador, that would increase our GDP by 25%. On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.

Should it pass, the move would open up financial services to the 70% of Salvadorans who do not have bank accounts, the president said.

El Salvador's economy relies heavily on remittances, or money sent home from abroad, which make up around 20% of the country's gross domestic product (GDP).