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El Salvador makes Bitcoin-the cryptocurrency as legal tender: What you need to know

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  • Central American country El Salvador has become the world's first country to legalize bitcoin, a move that is considered historic given the confusion surrounding cryptocurrency in countries around the world.

  • Congress approved President Nayib Bukele's proposal, to embrace the cryptocurrency, by 62 out of 84 votes. It will take 90 days for bitcoin to become a legal tender along with the US dollar.

  • President has said that it will improve the country's economy, financial inclusion, business, tourism, and innovation. Now every business will accept bitcoin as legal tender for goods and services, unless unable to provide the technology, needed to do the transaction.

  • Reports also suggest, that most of the central banks around the world are thinking to develop their digital currency. However, it is not clear how this new currency of El Salvador will work practically.

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