[Taklimakan Blog] Bitcoin Was Officially Recognized as a Means of Payment for the First Time. What Does It Mean?

For the first time, the main cryptocurrency will become a legal payment method along with the US dollar. How this will affect digital assets, and which countries may soon follow the example of El Salvador

On June 9, El Salvador’s parliament passed a law that formalized bitcoin as a legal tender. Soon, the document will be signed by the President of the country Nayyib Bukele. The El Salvadorian authorities will have 90 days after the law enters into force to create the appropriate infrastructure.

Acceptance of bitcoins for payment will become mandatory in the country. The cryptocurrency will be legal tender along with the US dollar, the head of El Salvador said.

After being awarded the status of a means of payment to bitcoin in El Salvador, the main cryptocurrency grew by 5%, and its capitalization increased to $643, according to CoinGecko.