El Salvador’s legislative body passed a law early Wednesday, June 9, that will make the country the first in the world to deem bitcoin legal tender. President of El Salvador Nayib Bukele stands for the national anthem during the graduation of National Police officers on May 19, 2021. El Salvador’s government said it would set up a trust at the Development Bank of El Salvador to allow the automatic convertibility of bitcoin to US dollars. It is, however, not clear how practical it will be for El Salvador to adapt its economy to bitcoin. Fluctuating market growthThe cryptocurrency market grew to more than $2.5 trillion in mid-May 2020, according to the Coinmarketcap page.

Source: Daily Nation June 09, 2021 15:50 UTC