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62 out of 84 members of Congress voted in favor of the law.
The adoption of such a law was proposed by President Najib Bukele.
Thereby El Salvador will become the first country in the world where Bitcoin will be the official means of payment.
Bitcoin will be used in conjunction with the US dollar, which is the official currency of El Salvador.
Bukele announced the idea in a video that was played at a conference on Bitcoin in Miami on Saturday.
The President noted that recognizing Bitcoin as a legal tender would create new jobs and facilitate the financial integration of people currently outside the formal economy, as well as encourage investment in El Salvador.
“More than 70% of El Salvador’s active population does not have a bank account. They are not in the financial system,” Jack Malers, founder of the payment platform Strike, told the conference.
Malers revealed that he had helped Bukelem draft a law recognizing Bitcoin as a legal tender.
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