The designation allows bitcoin, the worlds largest cryptocurrency by market value, to be used to pay taxes.
The legislation will take effect in 90 days.
It is, however, not clear how practical it will be for El Salvador to adapt itseconomyto bitcoin.
President of El Salvador Nayib Bukele stands for the national anthem during the graduation of National Police officers on May 19, 2021. Photo: Aphotografia.Source: Getty Images
This was driven by interest from increasingly serious investors from Wall Street to Silicon Valley.
In February 2021, Tesla announced it had bought $1.5 billion worth of bitcoin.
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Source: Briefly News
Reeshni ChettyReeshni Chetty is a senior current affairs reporter.
Reeshni has a passion for breaking the stigma surrounding mental health issues.
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