El Salvador is set to become the first country in the world to legalize bitcoin.
The Latin American country has passed a law allowing citizens to use bitcoins for everything, including paying taxes, purchasing goods and services, and paying off debts.
The move is the result of efforts by Vice President Buckley, who says it will help those who do not have access to banks or those who want to send money abroad.
However, critics say the move is a sham rather than a significant change.
The plan was approved on the night of June 8, announced by the president during a bitcoin conference in Miami.
In El Salvador, the bitcoin will become the official currency within three months and will be able to compete with the US dollar, which is currently the only currency in the Latin American country, but will retain its status.
Although Vice President Buckley says citizens should consider bitcoin as wealth rather than dollars, the law states that citizens will be able to exchange the two currencies at any time and use the US dollar as the reference currency.
Although every citizen will be able to use the bitcoin under the law, it will not be mandatory for those who do not have access to the technology.
The law states that the government will promote the necessary training and mechanisms for the use of bitcoin in the population.
Surprisingly, El Salvador is not among the top 10 countries in bitcoin mining, with a share of 0.00%.
However, according to the president, the state electric company has been directed to provide cheap electricity for bitcoin mining.