El Salvador has officially become the first country in the world to adopt Bitcoin as legal tender money. The Central American nation’s Bitcoin law was sent to its Congress on Wednesday by President Nayib Bukele and was approved in the legislative assembly by a “supermajority” with 62 out of 84 votes.
President Bukele took to Twitter to make the announcement and wrote, “The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress. 62 out of 84 votes! History!”
As per CoinMarketCap, Bitcoin prices were up from $33,555 to $34,398 shortly after the announcement of the approval.
President Bukele had announced on Monday that there will be no capital gains tax on Bitcoin after it becomes legal tender and that there would immediate permanent residence offered to crypto entrepreneurs in the country.
There was a sudden but temporary spike in interest as well among people checking for real estate in El Salvador after the President announced Bitcoin becoming legal tender on Sunday.