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Nayib Bukele , president of El Salvador , announced in a video that he hopes to make his country the first state to adopt bitcoin as legal tender in its territory.
As reported by CNBC , the president made it known, during the Bitcoin 2021 conference in Miami, that he will send a bill to Congress next week.
"What is transformative here is that bitcoin is both the largest reserve asset ever created, and a superior monetary network. Owning bitcoin provides a way to protect developing economies from potential [derived] inflation shocks from their fiat currency, "he declared.
Bukele said the country is partnering with the digital wallet company, Strike, to build a modern financial infrastructure using bitcoin technology.
Jack Mallers, founder of the Lightning Network Strike payments platform, said this will become a "'shot heard' around the world for bitcoin."