El Salvador President: I believe Bitcoin legalization will be successful

On June 24, according to foreign media reports, Salvadoran President Nayib Bukele said in an interview that El Salvador is determined to promote the legalization of Bitcoin and believes it will be a leap forward for mankind.

As previously reported, on June 9, the El Salvadorian Congress finally voted to approve the proposal submitted by President Bukele to "use Bitcoin as legal tender", which will officially take effect in September. In an interview on Wednesday, Bukele said that the move will promote employment and the economy and reduce El Salvador's dependence on the current legal tender, the US dollar. Although the World Bank refused to provide technical support and the International Monetary Fund (IMF) also expressed concerns, he believes that the project will be successful. He said: "I am very sure that this will be useful not only for us, but also for all mankind, because this is a leap for mankind."

He said that there is no plan to keep Bitcoin in the national reserve, but it may be in the future. At the same time, he also admitted that there may be some risks in this advancement, but he believes that there is nothing to be afraid of and some new attempts should be made.

In addition, some analysts are concerned that El Salvador's move to promote Bitcoin may jeopardize the country's $1 billion plan to the IMF. He said that this time is no different from their move to adopt the US dollar in 2001. The only difference is that it may have been for the benefit of the banks at that time, and now this decision is for the benefit of the people.

Bukele also said he had received proposals from many parties who wanted to build a Bitcoin mining center using renewable energy from the country's volcanoes. He said new geothermal wells had been discovered that would provide 95 megawatts of electricity, which is not huge, but still considerable.

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