El Salvador became the first country to approve a Law making Bitcoin an official currency. The law passed Tuesday morning with 62 out of 84 votes.
The President, Nayib Bukele, announced earlier that he had sent the Bitcoin Law to congress, displaying the documents in a tweet on Twitter.
Shortly after the official Bitcoin bill was passed, another Tweet was posted showed the celebratory response from legislators.
Since El Salvador’s public announcement, Bitcoin prices have increased over 5%.
This is good news for Cryptocurrency enthusiasts, as the value has decreased by over 40% since early May. This could be the start to a new trend among other countries wishing to also become early adopters of an official new legal currency.
In the past year alone, we have seen an over 250% increase in the price of Bitcoin.
Since 2013, when the Bitcoin price was around $13, we have seen an over 250,000% increase resulting in many people and now countries becoming interested in the value of this decentralized digital currency.
While the exact details of how Bitcoin will be implemented, there is already certainly public demand. Below, a woman converts Bitcoin to USD using a physical Bitcoin ATM.
Additionally, many El Salvadorian vendors already display their acceptance of Cryptocurrency for regular payment. Below an El Salvador storefront shows payment options.
Critics have long been hesitant to adopt Bitcoin as an official Currency due to the unstable volatility of the Crypto market. However with about “70% of El Salvadorians unable to access traditional financial services,” this new official currency is viewed as a way to “increase financial inclusion”.
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