In CNBC-TV18's new series Blockchain and Crypto Decoded, Manisha Gupta reports on El Salvador president Nayib Bukele's plans to make Bitcoin legal tender amid buzz around the cryptocurrency across the world.
According to a top trade official cited by Reuters, the US dollar will continue to be legal tender in the country with bitcoin transactions by choice only.
"#Bitcoin has a market cap of $680 billion dollars. If 1% of it is invested in El Salvador, that would increase our GDP by 25%," the El Salvador president tweeted on June 6.
He hopes that this decision will be just the beginning in providing a space where leading innovators can reimagine the future of finance, potentially helping billions around the world.
If the central American country goes through with the 39-year-old president's plan, it will become the first in the world to adopt a virtual currency.Watch the video to know more.