Bitcoin Standard 💰
On 9 June 2021, El Salvador became the first-ever country to accept Bitcoin as legal tender. This, after the country’s lawmakers, voted in a legislature “supermajority” of 62 out of 84 votes to accept the country’s Bitcoin Law. In summary, this Bitcoin Law means that prices of goods and services in El Salvador can now officially be displayed in Bitcoin. This also extends to the payment of taxes and any other things in the Central American country.
An interesting move by El Salvador considering that the country already didn’t have its own currency and was using the US Dollar for pricing everything and displaying prices. Interestingly, following El Salvador’s President Nayib Bukele’s announcement on the adoption of the Bitcoin Law, several Central American and South American countries have hinted and shown interest in doing the same.
That declaration by El Salvador seems to have spread across the world and even seems to have inspired many others, even in Africa. The latest being a call for Nigeria to adopt a Bitcoin Standard.
