Bitcoin’s worth shot up following El Salvador became the world’s first nation to take it as legal tender.
As of 3:30 a.m. ET on Thursday, the digital currency was trading at $36,849 per coin, jumping about 7.9percent during the last 24 hours, according to CoinDesk.
Salvadorian lawmakers made history on Wednesday by approving a proposal from President Nayib Bukele that would allow bitcoin (XBT) to be utilized as a form of legal tender in the country, alongside the US dollar.
The legislation says that”all economic agents shall accept bitcoin for a form of payment when it is offered by the purchaser of a service or good.” It also states that tax payments can now be made in bitcoin.
The transfer delivers another triumph for cryptocurrency bulls as electronic coins become more broadly accepted across the world. Prior to the vote at El Salvador, Bukele had stated in a tweet that using bitcoin as legal tender would promote financial inclusion, tourism, innovation and economic development.