In a video he appeared during the bitcoin 2021 conference, Salvadoran President Najib Paquila stated that he wants to make bitcoin an official currency in El Salvador alongside the US dollar and the peso, the country's base currency.
According to CNBC, the government of El Salvador will cooperate with crypto wallet developer Strike to create a network of cryptocurrency transactions and create a mechanism for use in accordance with the financial rules of the Latin country.
Najib Bakila, also known as Najib Bukele, scored a landslide victory in his country's recent elections, despite the fact that he was not a member of the country's two main parties, which have been ruling it since 1988.
Bagila aims to activate the decision to make bitcoin an official currency if his party wins a majority in the House elections scheduled to take place soon, until his proposal is approved.
It is worth noting that Salvadoran currency remittances account for 20% of the country's GDP, which underlines the need for more convenient ways to send and receive money.
Source : CNBC