The President of El Salvador submits a bill that is expected to become the world's first country to legalize Bitcoin
It was reported that El Salvador was seeking legislation to make the country the first sovereign country in the world to use Bitcoin as legal tender.

President Naib Bukley on Tuesday, June 1, delivered a speech to the Congress at the Legislative Assembly Building of El Salvador

The world's largest Bitcoin event, the Bitcoin 2021 Conference, was held in Miami, USA a few days ago. In a video program during this multi-day conference, El Salvador’s President Nayib Bukele announced that El Salvador has established a partnership with digital wallet company Strike to use Bitcoin technology to build the country’s modern financial foundation facility.

President Bukley stated, "Next week I will submit a bill to the El Salvador Congress to make Bitcoin a legal tender in our country."

Strike founder Jack Mallers said that this move will reverse the current global decline of Bitcoin. "This will prove that Bitcoin is not only the greatest reserve asset ever, but also a superior currency network. Holding Bitcoin provides a viable way for developing economies to avoid the potential impact of fiat currency inflation. ."

Mars also said at the meeting that this move will help unleash the power and potential of Bitcoin and promote its use in an open service network that benefits individuals, businesses, and the public sector.

El Salvador's digital trading market is underdeveloped, and it is still an economy dominated by cash transactions. About 70% of people in the country do not have bank accounts or credit cards.

The money sent back to the country for overseas work or income currently accounts for more than 20% of El Salvador’s GDP. Existing services charge a service fee of 10% or more from these international transfers.

These international transfers sometimes take days or even longer to be received by the payee, and due to the underdeveloped digital market, the payee sometimes has to go to The bank withdraws the actual money.

Bitcoin is not backed by assets, and currently it has not gained the full trust and support of any country's government. Its value comes in part from its digital scarcity, so far there are only 21 million Bitcoins.

Regarding the listing of Bitcoin as a national sovereign legal tender and how it will work next, the Salvadoran officials did not give further details.

However, the media was told that El Salvador has formed a Bitcoin leadership team responsible for promoting the establishment of a new Bitcoin-based financial ecosystem in the country.

President Bukley’s New Ideas party controls El Salvador’s legislative assembly, so the bill Bukley’s proposed proposal is likely to be passed.

Adam Back, founder and CEO of Blockstream, which is committed to expanding the functions of the Bitcoin protocol layer, said that inevitably, El Salvador will become the first country to list Bitcoin as a legal tender.

Buck said that he plans to contribute related technologies to make El Salvador a model for the world. He said, "We are very happy to be able to help El Salvador adopt the Bitcoin standard."

In fact, this is not the first time that El Salvador has favored Bitcoin. In March of this year, Strike launched a mobile payment application in El Salvador, and the application quickly became the most downloaded application in the country.
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