The adoption happened on June 8, 2021 when the Bitcoin Law was approved in the Legislative Assembly of El Salvador. According to the Legislative Assembly, the approval of Bitcoin as legal tender is “with the objective of generating employment opportunities, promoting true financial inclusion and generating economic dynamism.”
The World Bank, the IMF and the Inter-American Development Bank were reluctant to adopt the cryptocurrency and said that it would not contribute anything to the Salvadoran economy.
Nayib Bukele, also announced the creation of the world’s first “Bitcoin City”, using geothermal energy from a volcano and will be initially financed by issuing bonds in the cryptocurrency market in 2022.
“The city will have everything: residential and commercial areas, services, museums, entertainment, bars, restaurants, airport, port, train, everything”Bukele said during the closing of Labitconf, an annual forum that brings together the world’s bitcoiners, in Mizata, a Pacific beach.
Source From: Ambito
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