#Legal Tender

Bitcoin is now officially a legal tender in El Salvador. El Salvador is the first country in the world to adopt bitcoin as a legal tender, following President Nayib Bukele's proposal to Congress to adopt the cryptocurrency. dollar will also continue as legal tender, as El Salvador does not have its own currency. [caption id="attachment_276053" align="alignnone" width="720"] Photo credits: Jose Cabezas/Reuters[/caption] The approval of bitcoin as legal tender in the country means that it can be used as payment for goods and services for all businesses, except those unable to process such transactions. The use of bitcoin as legal tender will begin in 90 days, with the bitcoin-dollar exchange rate set by the market. El Salvador's President Nayib Bukele recently announced that he will send a bill to Congress to make bitcoin legal tender in the country. "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. dollar would continue to be legal tender and that bitcoin transactions would be by choice and tied to the dollar exchange rate. Read more in our articles including "Bitcoin is now legal tender in El Salvador" and "El Salvador President wants to make bitcoin legal tender".