#el salvador cryptocurrency

El Salvador's President Nayib Bukele recently announced that he will send a bill to Congress to make bitcoin legal tender in the country. In a report by Reuters, Bukele said that bitcoin can help Salvadorans living abroad to send remittances home. He also pointed out the 70% of El Salvador's population does not have a bank account and works in the informal economy. By using Bitcoin, the amount received by more than a million low-income families will increase in the equivalent of billions of dollars every year." Strike, a mobile payments app that launched in El Salvador in March supports the legislation and is working with the country to make using bitcoin a success. "Adopting a natively digital currency as legal tender provides El Salvador the most secure, efficient and globally integrated open payments network in the world," said Strike founder and CEO Jack Mallers. In a separate article, Reuters reported El Salvador's top official said that the U.S. Trade and Investment Minister Miguel Kattan said bitcoin was already in limited use in El Salvador, as customers can now use it to buy pupusas, the national street snack. Justin Sun, founder and CEO of TRON, said that his firm would become the "first crypto organization" to establish an office in El Salvador. Read more in our articles including "El Salvador President wants to make bitcoin legal tender" and "Russian gov’t, central bank to regulate cryptocurrencies".