Bitcoin in El Salvador: President Nayib Bukele plans to make crypto legal tender

The Four Percent

Many details of the plan’s rollout are still unclear, but the proposal has a good chance to become law because Bukele’s party — Nuevas Ideas, or New Ideas — had landslide victories in recent legislative elections and now controls the Congress. Bitcoin, which traded at about $36,700 late Sunday night as the most valuable digital token, would then be used alongside the U.S. dollar, El Salvador’s official currency. Some analysts have questioned the move, cautioning against the reliance on a market that has fluctuated significantly, is unregulated and could be manipulated or used for fraud.

Source link Business

Be the first to comment

Leave a Reply

Your email address will not be published.