New Delhi: The Central American country of El Salvador has become the first country in the world to formally recognize bitcoin. According to media reports, the El Salvador Congress on June 9 approved a bill legally recognizing bitcoin, the world’s largest cryptocurrency, in the country. It will be used along with the US dollar, the official currency of El Salvador. El Salvador’s President Nayib Bukele says making bitcoin the official currency will make it easier for El Salvadoran citizens living abroad to send money home. This one move will open up financial services to 70 percent of Salvadorans who do not have bank accounts.
El Salvador’s president says making bitcoin the official currency will make it easier for Salvadoran citizens living abroad to send money home. People of Salvador working abroad send a large number of currency to their home. They account for 22 percent of the total GDP of the country. In the year 2020, a total of $5.9 billion (Rs 44250 crore) was sent to the country. Bukele said that millions of people would benefit from bitcoin. Because the middlemen are benefiting a lot from the US dollar currency.