San Salvador, June 8: Cryptocurrency bitcoin may soon get the status of legal currency in El Salvador. If President Nayib Bukele's legislative proposal gets nod, El Salvador would become the first country in the world to deem bitcoin an official national currency. According to Nayib Bukele, the Bitcoin Bill is "almost ready". Once the proposal is approved by the Congress, bitcoin will become a legal currency in El Salvador. Twitter CEO Jack Dorsey Announces To Make Bitcoin Wallet for Customers of Its Digital Payments Services Company ‘Square’.

On June 6, Bukele announced that he would send a bill to Congress to make the bitcoin cryptocurrency a legal tender in El Salvador. He made the crucial announcement through a pre-recorded message played at the Bitcoin 2021 Conference in Miami. "Next week I will send to Congress a bill that will make bitcoin a legal tender in El Salvador," Bukele said. Court in El Salvador Sentences Former First Lady to 10 Years.

Today, Bukele gave an update on the bill. He tweeted: "The #Bitcoin Bill proposal that we’ll send to Congress is almost ready. Simple - Short - Sweet (sic)." Jack Mallers, founder of digital wallet company Strike, will provide the logistics and market insights to help make El Salvador’s world-changing effort successful. He has been working with Bukele and other Salvadorans to make bitcoin a feasible means of exchange for everyday purchases, said a report by Forbes.

Bitcoin Bill Almost Ready, Says El Salvador President Nayib Bukele

According to Mallers, the bitcoin bill says that "in order to mitigate the negative impact from central banks, it becomes necessary to authorise the circulation of a digital currency with a supply that cannot be controlled by any central bank and is only altered in accord with objective and calculable criteria".

(The above story first appeared on LatestLY on Jun 08, 2021 02:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).