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.
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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.