TL;DR Breakdown
- The President of El Salvador has brought forth a revolutionary idea for the country.
- In a Bitcoin conference held in Miami, the President sent his recorded statement.
- He is going to introduce legislation in Congress to legalize cryptocurrency.
The current President of El Salvador, Nayib Bukele, has made a huge announcement in his recorded message. A Bitcoin conference was held in the state of Miami wherein the President made the statement. The 39-year-old President has decided to present proposed legislation before Congress. In the proposal, he is seeking Congress to make cryptocurrency a legal tender. This definitely means a step forward in the history of cryptocurrency.
According to Nayib Bukele, huge and revolutionary growth in the state of El Salvador will be seen once the legalization of cryptocurrency is done. The President thinks ahead and is very progressive, maintaining his approval rating of around 90 percent. Nayib is also known for his strong presence on social media, especially Twitter.
What message did the President of El Salvador convey at the conference?
Indeed, Nayib’s decision was applauded by many supporters of crypto. His reasons to make cryptocurrency legal tender are strong. There is a major reason why the President wanted to introduce the legalization of Bitcoin and other cryptocurrencies. He said that the majority of people (around 70 percent) in El Salvador do not have access to banking facilities. As a result, they are not able to manage their household economy.
Nayib also said that the introduction of this bill will definitely foster the growth of the economy by the creation of jobs. In the long term, he hopes to push El Salvador and its economy in the right direction. The presence of Bitcoin will solve such shortcomings and help people in the long run.
Will the proposal pass in Congress?
It is very likely that the proposal will pass at the legislative arm. The reason behind such a statement is that the New Ideas party that supports Nayib actually holds a super majority in Congress. There is a huge chance the bill will pass, changing the economical landscape of El Salvador forever.
The public also supports their President because of his efforts in eradicating COVID-19 with the help of vaccination drives. He has also obtained COVID-19 vaccines for the citizens of his country. The work done by the President is generally regarded as commendable. For such reason, it can be concluded that the decision would eventually rest in favor of the President.
