El Salvador proposes a bill aimed at adopting Bitcoin as legal tender. In a video–recorded ad shown at the 2021 BitCoin Conference in Miami, President Nayib Bukele stated that he would submit the bill this week.
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Jack Mallers, the CEO of Zap — a Bitcoin investment and payments company that transacts over the Lightning Network — announced the news at the Bitcoin 2021 conference, saying that his company was working with El Salvador and Bukele to implement the Bitcoin standard.
Although the bill will still have to be examined by the legislature of El Salvador, Bukele‘s political party is in firm control of the house, so approval seems all but assured.
If approved, El Salvador would become the first country in the world to adopt bitcoin as a legal tender.
At the Bitcoin conference, Mallers framed the buckles proposal as a resistance against the unprecedented printing of money by the USA. The Federal Reserve, which, according to him «crushes emerging markets» such as El Salvador‘s dollarized economy.