El Salvador becomes the first nation to adopt a cryptocurrency for daily transactions

El Salvador has become the first nation to adopt Bitcoin as legal tender. 

El Salvador president Nayib Bukele announced about the Bitcoin Law being passed in a tweet on Wednesday. 

This means that residents of El Salvador will eventually be able to use the cryptocurrency  for many aspects of daily life, from property purchases to tax contributions.

The law has been passed just a week after president Bukele proposed legislation to the country’s congress to make Bitcoin legal tender.

El Salvador’s main currency is the US dollar and currently the country has not revealed plans on how it will implement Bitcoin as a functioning currency.

“This is a law that will put El Salvador on the world’s radar, we will be more attractive for foreign investment,” Romeo Auerbach, deputy of the Grand Alliance for National Unity party, said.

The cryptocurrency market grew to more than $2.5 trillion in mid-May 2020, as per Coinmarketcap. However, since then, more than 50 percent dip in its value has been observed. 

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