EL SALVADOR IS FIRST NATION TO ADOPT BITCOIN AS LEGAL TENDER

EL SALVADOR: El Salvador has become the first country in the world to formally adopt Bitcoin as legal tender after President Nayib Bukele said Congress approved his landmark proposal.

Latin America’s youngest president, who’s known to break from norms, said on Twitter lawmakers approved the legislation by a “supermajority.”

The 39-year-old leader has previously said that Bitcoin could boost the economy, help counter El Salvador’s low banking penetration rate and facilitate faster transfers for $6 billio

El Salvador’s central bank President Douglas Rodriguez said on Tuesday that Bitcoin is already used in the country and “it’s not something people need to be afraid of,” while adding it won’t replace the U.S. dollar.

Bitcoin has plunged from a mid-april record of almost $65,000.