Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

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President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."

https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

Wow, that's amazing news!

I am impressed.

However, that is not done yet. President must submit it to congress, and the Congress may approve it or not! Anyway, amazing news and a big step for bitcoin!

Looks like it will be most likely approved:

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The bill must still be reviewed by the country’s legislative assembly. But with the populist Bukele’s upstart political party in firm control of that body, approval seemed all but assured Saturday afternoon.

https://www.coindesk.com/president-of-el-salvador-says-hes-submitting-bill-to-make-bitcoin-legal-tender

Agreed. It might depend on how much political influence Bukele’s political party has on congress. It might be good to know which political party Bukele belongs, does his political party have the majority in congress and what type of political system does El Salvador have. Is it a 2 party system or a multiparty system?

However, this might be good if the bill is signed and passed into law. It will be the first experiment on bitcoin as an adopted currency. All larps and criticisms will be proven correct or wrong.

70% is a majority I think the majority of the lawmakers will also favour the bill since most of their relatives I guess doesn't have financial access. If they successfully pass the law I guess there will be miners going to this country. It wouldn't be BTC that might just be adopted to the country. I hope they make it so the rest of South America will also follow steps to freedom.

Can you share the source where you got 70% majority?

In any case, it appears Buleke is idealistic but backed by practicality. According to this article, to solve gang crime, his administration makes deals with gang leaders to help the country limit crime themselves. For his support in bitcoin, it appears that instead of criminalizing users, he wants to make it legal tender. This is very much similar to decriminalizing drug use in countries like Portugal.

But there seems to be yet more to Bukele’s approach than a mix of tough enforcement, community development, and personal chemistry. In September, reports of secretive visits by government representatives to high-security jails, and unexplained movements of jailed gang members were confirmed in a bombshell story from the online news outlet El Faro, which cited concrete evidence of ongoing conversations between Bukele’s government officials and jailed MS-13 leaders. El Faro’s report added names and dates to the International Crisis Group’s findings published in a July report that questioned the government’s explanation of its security achievements — namely, that these were due to the Territorial Control Plan — and argued that a gang decision to scale back the use of violence was possibly part of an informal understanding negotiated with authorities.

Source https://warontherocks.com/2020/12/a-bargain-worth-making-bukele-and-the-gangs-of-el-salvador/