El Salvador has become the first country in the world to adopt bitcoin as legal tender. President Nayib Bukele proposed the bill last week to embrace cryptocurrency. Sixty two lawmakers voted in favour of the bill, out of 84 votes cast.
Mr Bukele has touted the use of Bitcoin for its potential to help Salvadorans living abroad send remittances back home. He said, the US dollar will also continue as legal tender. Shortly before the vote, he tweeted that Bitcoin will bring financial inclusion, investment, tourism, innovation and economic development for the country. He added that its use will be optional and would not bring risks to users.
The cryptocurrency has been adopted in the Central American country despite concern about the potential impact on its programme with the International Monetary Fund.