The Parliament of El Salvador has approved Wednesday the legalization of the use of bitcoin, which will be legal tender in the Central American country alongside the dollar, as confirmed by the Legislative Assembly through its account on the social network Twitter.
“In plenary session 7, with 62 votes, the new Assembly approved the ‘Bitcoin Law’, with which El Salvador adopts bitcoin as a legal tender,” the body has indicated, which has highlighted that the plenary has endorsed each of the 16 articles of the project.
The vote has been applauded by the country’s president, Nayib Bukele, who has said that the country makes “history”. “The ‘Bitcoin Law’ has just been approved by a qualified majority in the Legislative Assembly. 62 out of 84 votes!” he has highlighted.
The law approved by the body states that the use of this cryptocurrency will be “unrestricted with liberatory and unlimited power in any transaction and in any title that natural or legal public or private persons want to carry out”.
It also establishes that the exchange rate between the dollar and bitcoin will be established by the market itself, although for accounting purposes the dollar will continue to be used as a reference, as reported by the Salvadoran newspaper ‘La Prensa Gráfica’.
The proposal was unveiled over the weekend by the Minister of Economy, María Luisa Hayem, in the framework of a global conference on this cryptocurrency held in the U.S. city of Miami.