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Bitcoin to be made a legal tender of El-Salvador: What you need to know

Picture Courtesy: CNBC, Al Jazeera

1. El-Salvador’s president has said that he will make Bitcoin a legal tender of the country.

2. If he gets support from Congress on the bill, which will be sent by him next week, then El-Salvador will be the first Central American country to adopt a digital currency.

3. This currency will be an official currency with the US dollar.

4. President Nayeb Bukele has said that Bitcoin will make it easier for his countrymen who are living outside to send money to their homes.

5. "In the short term, it will generate jobs and help provide financial inclusion to thousands outside the formal economy," he said, in a Bitcoin conference in Florida, adding that it could also boost investment in the country.

6. Strike, a payment app of the country, welcomed it and stated that it was working with the country to make using bitcoin technology a success.

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