The Legislative Assembly of El Salvador on early Wednesday voted to pass a bill that declared Bitcoin as legal tender, the Communications Secretariat of the Presidency of the Republic of El Salvador announced.
The move makes El Salvador the world’s first nation to adopt a cryptocurrency as legal tender.
In an early Wednesday vote, a supermajority of the nation’s legislature voted in favor of President Nayib Bukele’s proposal for the Latin American nation to adopt bitcoin.
The president intends to sign later tonight or early in the morning.
“The #BitcoinLaw has just been approved by a qualified majority” in the legislative assembly, President Nayib Bukele tweeted after the vote in the assembly.
“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” Bukele said in a tweet shortly before the vote.
Translation: With 62 votes, the legislative plenary session approves the #LeyBitcoin [that allows] El Salvador to adopt #Bitcoin as a legal currency. #Thenewassembly continues to make history,! a tweet from the Legislative Assembly said.
62 members of the legislature voted in favor of the bill, with 19 opposed and three abstentions.
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