El Salvador first country to classify Bitcoin a legal currency

El Salvador has become the first country in the world to make cryptocurrency legal tender.

Salvadorian congress embraced president Nayib Bukele's plan to classify Bitcoin as a legal currency, with 62 out of 84 possible votes in favour of the proposal on Tuesday night.

“It will bring financial inclusion, investment, tourism, innovation and economic development for our country," said the president in a tweet, shortly before the historic vote.

Bukele has previously said that the move will open up financial services to the 70 per cent of citizens who don’t currently have bank accounts.

Bitcoin is to become legal tender in the country in 90 days.

Following the three-month period, all businesses must accept the cryptocurrency for goods and services.

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