Show an ad over header. AMP

I am the FIRST

President Bukele seeks to make El Salvador 1st country to adopt bitcoin as legal tender

El Salvador's President Nayib Bukele said in Saturday that he plans send a bill to the country's Congress next week "that will make bitcoin a legal tender."

Why it matters: If the legislation is passed by lawmakers, El Salvador would become the first country to formally adopt the digital currency.


#Bitcoin has a market cap of $680 billion dollars.

If 1% of it is invested in El Salvador, that would increase our GDP by 25%.

On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.

— Nayib Bukele 🇸🇻 (@nayibbukele) June 6, 2021
  • "In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy," Bukele said in a video for the Bitcoin 2021 conference in Miami, Florida, which was posted online.
  • Jack Mallers, founder of the Lightning Network payments platform Strike, which is working with Bukele on the project, noted at the conference, "Over 70% of the active population of El Salvador doesn't have a bank account. They're not in the financial system."

The big picture: Over 2 million Salvadorans live outside the Central American country and send home some $4 billion every year, with remittances making up about 20% of the country's GDP, per the BBC.

  • Bukele didn't go into details on how the policy would work. But he said it would be used alongside the U.S. dollar, which the country has used as its official unit of currency since 2001.

E3 2021: Nintendo and Ubisoft team up again with Switch sequel “Mario + Rabbids Sparks of Hope"

Two of gaming’s biggest companies are creating a game together for the third time in five years with a Switch sequel, “Mario + Rabbids Sparks of Hope.”

Why it matters: Nintendo rarely lets other companies work with its characters, making its continued partnerships with Ubisoft a rare sign of trust.

Keep reading... Show less

In photos: Harris shows up at Pride parade in downtown D.C.

Vice President Kamala Harris dropped in at the Capitol Pride Walk And Rally in Washington, D.C., on Saturday.

The state of play: Harris and second gentleman, Doug Emhoff, joined the crowd, who welcomed them with cheers, according to press reports.

Keep reading... Show less

A "new industrial revolution" presses the reset button on work

The endgame of the pandemic is giving both employers and workers a chance to create a more humane relationship — both in the office and out of it.

The big picture: Companies need workers, but many employees aren't ready to go back to the way things used to be. A hybrid setup could provide the best possible way forward, if both sides are willing to give.

Keep reading... Show less

Blue Origin auctions off a trip to the edge of space for $28 million

A seat aboard Blue Origin’s first crewed flight to suborbital space fetched $28 million during a live auction on Saturday.

Why it matters: While the market for suborbital tourist flights to space may not be huge, experts say it's an important, public-facing part of the space industry that could popularize it as more people start flying.

Keep reading... Show less

Macron at G7: "It's great to have the U.S. president part of the club"

U.S. President Biden and his French counterpart Emmanuel Macron were all smiles and handshakes during their first formal, in-person meeting on Saturday, with Macron telling pool reporters "it's great to have the U.S. president part of the club."

Why it matters: Biden has made rebuilding the United States' global leadership central to his foreign policy, frequently touting, "America is back."

Keep reading... Show less

More than dozen injured in downtown Austin shooting

A shooting in a busy part of downtown Austin, Texas, early Saturday injured at least 13 people, including two who are in critical condition.

The state of play: Gunfire erupted around 1:30 a.m. along 6th Street, a popular area with bars and restaurants. The suspected shooter remains at large, Austin police said. "It is unknown if there is one, or multiple suspects involved," they noted, adding the shooting appears to be an isolated incident.

Keep reading... Show less

Biden to urge G7 to take unified approach to countering China

President Biden on Saturday is expected to urge fellow G7 leaders to adopt a unified approach to countering China's rising global influence, AP reports.

Driving the news: The G7 leaders are set to unveil a multi-billion-dollar global infrastructure plan aimed at rivaling Beijing's efforts in the developing world.

Keep reading... Show less

Insights

mail-copy

Get Goodhumans in your inbox

Most Read

More Stories