SAN SALVADOR, El Salvador (AP) — El Salvador’s Legislative Assembly has approved legislation making the cryptocurrency Bitcoin legal tender in the country, the first country to do so.
It comes just days after President Nayib Bukele raised the proposal at a Bitcoin conference.
The digital currency will be able to be used in any transaction and any business will have to accept payment in Bitcoin, with the exception of those lacking the technology to do so.
The U.S. dollar will also continue to be El Salvador’s currency and no one will be forced to pay in Bitcoin.
The exchange rate between the two currencies will be established by the market.