Bitcoin signage during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021. The biggest Bitcoin event in the world brings a sold-out crowd of 12,000 attendees and thousands more to Miami for a two-day conference.
El Salvador’s President Nayib Bukele said the nation has adopted Bitcoin as legal tender, a step he believes will create jobs and promote financial inclusion.
Bukele, Latin America’s youngest president who’s known to break from the 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 billion of remittances a year. The move to make the virtual coin legal tender is a rare slice of good news for the largest cryptocurrency, which is struggling to recover from a rout in May.
El Salvador’s central bank President Douglas Rodriguez said in an interview with state TV 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 roughly halved from a mid-April record of almost $65,000, hurt in part by billionaire Elon Musk’s criticism of the amount of energy needed by the servers underpinning it.
As dawn broke over a shuttered flea market in Mission, Texas, on May 25, Anna and her 7-year-old son, Walter, sat sobbing on the curb. Anna and Walter, of El Salvador, had once again been caught by the Border Patrol trying to enter the U.S. undetected, and they feared a repeat of what happened the last time they were caught.
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Vietnam has suspended international flights into its capital Hanoi after authorities discovered a new Covid strain that is a combination of the Indian and Kent variants, also known as delta and alpha, respectively.