El Salvador is set to make bitcoin legal tender.
President Nayib Bukele has announced that he will send a bill to Congress next week to make bitcoin legal tender in the Central American nation.
The aim is to generate jobs and help provide financial options to thousands of people who work outside the formal economy. Around 70 percent of El Salvador’s population did not have a bank account.
This new law will help then track money and get paid.
What is bitcoin?
Bitcoin is a digital currency that was created in January 2009. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to. Bitcoin is a way of paying for goods and services online that doesn’t require a debit or credit card or using services such as PayPal.