Is Bitcoin the savior of developing countries like El Salvador?
Rarely a week goes by now without a slew of headlines about the world’s biggest cryptocurrency — Bitcoin. The latest, though, seems to have captured the imagination of mainstream press: the declaration from President Nayib Bukele of El Salvador that he intends to make Bitcoin legal tender in his country.
Announced in a pre-recorded message aired during the world’s biggest Bitcoin conference in Miami last week, President Bukele said that he would be sending a bill to lawmakers to make Bitcoin legal tender in the Central American nation. Later, he added he would even consider making the cryptocurrency tax-free and help settle foreign workers that wanted to come to El Salvador to earn and save in Bitcoin.