Bitcoin is all set to become the legal tender in El Salvador, starting from September. It must be noted that the use of bitcoin will be optional. Earlier this month, El Salvador made history by adopting popular cryptocurrency as legal tender.
Explaining how people in El Salvador will use the cryptocurrency, President Nayib Bukele said, “The use of bitcoin will be optional, nobody will receive bitcoin if they don’t want it… If someone receives a payment in bitcoin they can choose to automatically receive it in dollars."
Salaries and pensions will continue to be paid in US dollars, said Bukele, without specifying if that included salaries paid to state workers and private sector employees.
While speaking in an interview, El Salvador’s millennial president said, “I’m pretty sure this is going to work, not only for us but for humanity, because it is a leap forward for humanity." He further added the move would boost jobs and economic development to the Central America country.