El Salvador is the first country of the world to formally adopt bitcoin as legal tender.
The proposal to legalise cryptocurrency was put forward by President Nayib Bukele which was later approved by Congress.
Despite there being concerns regarding potential impact of legalising cryptocurrency on El Salvador’s program of $1 billion with International Monetary Fund, the proposal was passed with majority of 62 out of 84 possible votes.
Bitcoin was approved considering its potential to help Salvadorans living abroad to send remittances back home. U.S. dollar will also continue as legal tender in country