El Salvador becomes first country to make bitcoin legal tender

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El Salvador has become the first country to formally adopt bitcoin as legal tender after President Nayib Bukele said Congress approved his landmark proposal.The 39-year-old president, whose Twitter profile has a “laser eyes” picture of the kind popular with devotees of cryptocurrencies, said on Twitter lawmakers approved the legislation by a super-majority.Bukele has previously said that bitcoin will help counter El Salvador’s low banking penetration rate and cut the cost of sending remittances. Such transfers, mainly from Salvadorans working in the US, surged to a record of nearly $US7 billion ($9 billion) over the 12 months.A significant percentage of that is lost to financial intermediaries, according to Bukele.“El Salvador, like many Latin American countries, pays significant fees with international transfers, so the embracing of cryptos should not come as a surprise,” said Edward Moya, senior market analyst for the Americas at Oanda, in a note on Monday (US time).Migrants continue…

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