El Salvador has become the first country to adopt BitcoinBitcoin1$ 26,277.730.18%-6.01%-15.89%details as legal tender.
Jack Mallers, CEO of Strike, joins “TechCheck” to discuss how his company is helping to bring bitcoin to El Salvador as legal tender.
Lawmakers in the Central American country’s Congress voted by a “supermajority” in favor of the Bitcoin Law, receiving 62 out of 84 of the legislature’s vote. The price of bitcoin was up 5% shortly after the vote.
Approximately 70% of El Salvador does not have access to traditional financial services, according to the Bitcoin Law. The cryptocurrency is seen as a way to increase financial inclusion.
Bukele submitted the law to Congress after he announced last week that El Salvador struck a partnership with digital wallet company Strike, to build the country’s modern financial infrastructure using bitcoin technology.