El Salvador has become the first country in the world to formally adopt cryptocurrency after its Congress voted overwhelmingly to approve a law classifying Bitcoin as legal tender, President Nayib Bukele [photo] said Wednesday, an initiative he hopes will boost foreign investment, improve financial inclusion and generate jobs.
Bitcoin is set to become legal tender in 90 days, meaning every business must accept the token for goods and services, alongside the U.S. Dollar. El Salvador has used the U.S. Dollar as official currency since 2001, which Bitcoin will join, not replace.
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