El Salvador has become the first country in the world to adopt Bitcoin as a second official currency. Parliament approved the law regulating the use of the “cryptoqueen” in the state with 62 votes in favour in an assembly composed of 84 representatives.
The norm, which has the strong support of the local president, Nayib Bukele, states that “the purpose of this law is to regulate Bitcoin and authorise its use in any transaction, whether operated by individuals or by companies and public institutions.”
Regarding the exchange rate, “the glass ceiling” of Bitcoin, since it has a very volatile quotation, the same norm provides that this is “freely adjusted by the market”, without any interference from the Government or the Central Bank.
The same norm also dictates that the State should promote “training and mechanisms for the entire population to have access to this type of transactions”.
Last week, Bukele announced that the Executive has closed a deal with the Strike platform, which will be responsible for being the Bitcoin management network in the country. So far, it is not yet explained how this platform’s relationship with other Exchanges will be.
Currently, 70% of El Salvador’s population does not have access to the financial market.
After the international press broke this news, Bitcoin rose 5% to 28,090 euros.