El Salvador is developing a bill to recognize bitcoin as legal tender, according to President Nayib Bukele. In a videotaped announcement shown Saturday, he said he will submit the bill next week.
Zap’s Jack Mallers announced the news at the Bitcoin 2021 conference in Miami. He said his company is working with Bukele to implement a plan.
The bill must still be reviewed by the country’s legislative assembly. But with the populist Bukele’s upstart political party in firm control of that body, approval seemed all but assured Saturday afternoon.
Their approval would likely make El Salvador the first nation to adopt a bitcoin standard. Its text was not immediately available.
“As of now, El Salvador is set to be the first bitcoin country,” Mallers said.
His company, Strike, is opening a headquarters in El Salvador in partnership with Blockstream, Mallers said.
This is a developing story and will be updated.