El Salvador could become the first country to officially and fully accept Bitcoin. President Nayib Bukele said he would propose a bill that would make Bitcoin legal tender alongside the US dollar.
As part of the initiative, the country’s government will team up with digital wallet company Strike to build a financial foundation around the digital money format. So far, there are no details about the project, but they are clearly to be expected after the adoption of the law.
The Strike founder claims that Bitcoin can help countries like El Salvador protect themselves from the effects of inflation in traditional currencies.
It should be noted that in El Salvador, about 70% of the population does not even have bank cards and operates exclusively in cash.