El Salvador has become the first country in the world to formally adopt cryptocurrency after its Congress voted overwhelmingly to approve a law classifying Bitcoin as legal tender, President Nayib Bukele said Wednesday, an initiative he hopes will boost foreign investment, improve financial inclusion and generate jobs.
Bukele, who announced plans to introduce a bill adopting Bitcoin as legal tender in El Salvador Saturday, said a supermajority of legislators in Congress had approved the law in a vote Wednesday.
The bill secured 62 out of 84 possible votes, Bukele said.
Bitcoin is set to become legal tender in 90 days, meaning every business must accept the token for goods and services, alongside the U.S. Dollar.
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