El Salvador Adds Bitcoin as Legal Tender, Paraguay, Panama to Follow

  • El Salvador has recently become the first country in the world to recognize Bitcoin as legal tender.
  • Other countries in the Central and South American continent such as Paraguay and Panama may follow suit.
  • Despite massive FUD and sell-off, the recent bullish news may have helped Bitcoin to stabilize in price.

El Salvador has become the most recent country in the world to recognize Bitcoin as legal tender. The news was announced through a recorded message by the Central American country’s president Nayib Bukele during the Bitcoin Conference in Miami. Specifically, President Bukele said he will submit proposed legislation for review of their congress next week.

According to President Bukele, if 1% of Bitcoin’s market cap is invested in the country, it would have increased their gross domestic product (GDP) by 25%. He explained further in a tweet.

True enough, President Bukele submitted a three-page bill proposing the adoption of Bitcoin in the country on June 8. One day after, the El Salvador Congress reviewed the bill and immediately approved it. In fact, 62 out of 84 members of Congress gave their thumbs-up.

The news made splash across various media and industries. Many in the crypto community lauded the country for its unprecedented move. Interestingly, other countries in the same continent have also expressed their interest in doing the same.

Specifically, South American country Paraguay announced that it will possibly become the second country in the world to make Bitcoin legal tender. Moreover, Panamian Congressman Gabriel Silva also wrote that he doesn’t want the country to be “left behind”.

Silva wrote in Spanish:

“This is important, and Panama cannot be left behind. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies.”

These bullish events may have caused Bitcoin to stabilize in price. Recently, rumors spread that the US government has the ability to manipulate Bitcoin wallets, causing massive FUD. In fact, the price plummeted to as low as $31.900 on June 8. At the time of writing, Bitcoin price is at $36,351.92, according to CoinGecko.

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