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US-based Remittances Could Offer Improved Financial Gains with Proposed Cryptocurrency Legalization in EL Salvador

On June 6th President Nayib Bukele at a conference announced legalizing Cryptocurrency as the legal tender. He has spoken his mind about proposing it with congress for expedited approval.

President Nayib has made it clear with this announcement that Cryptocurrency is likely to become mainstream in the near future, and it is favorable for countries such as El Salvador to keep pace with the changing times.

Over a quarter of El Salvador’s total population are residents of the US and have contributed roughly $6 billion as aid despite pandemic implications.

US dollar is the official EL Salvador currency. Turning Cryptocurrency as legal tender is expected to benefit the country’s economy.

New Ideas Party of Bukele already claims a majority in the congress, giving an advantage to the Cryptocurrency proposal.

According to the latest research, over 70% of El Salvador population does not have bank accounts. With Cryptocurrency, the challenges of the informal economy could be addressed.

The remittances that came from the US were compromised with massive intermediaries’ participation. These challenges may be tackled better with proposed Cryptocurrency legalization.

This 39year old El Salvador President is known for his high rate of approvals and is also a new-age communicator with active participation on social media platforms such as Twitter. In his words, the President said,

“Next week I will send to Congress a bill that will make Bitcoin a legal tender in El Salvador.”

Adding further, Bukele said, legalizing Cryptocurrency would readily create new job opportunities in El Salvador, furthering job opportunities and improve the financial inclusion of those in the informal economy.

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