As countries in Asia and Europe are blocking Bitcoin, the Republic of El Salvador, a sovereign country in Central America, approved the proposal to adopt Bitcoin as its legal tender, attracting global spotlight.
Nayib Bukele, the President of El Salvador, sent proposed legislation to the country’s congress that would make the crypto-currency legal tender in the Central American nation. The Congress of El Salvador voted 62–22 in favor of the proposal on June 9th, making it the first country in the world to officially classify Bitcoin as legal currency. In addition, El Salvador would offer citizenship to people who showed evidence they had invested in at least three Bitcoins.
Decades of dollarization have made El Salvador lagged behind in economy and its people impoverished. Although most of the population in El Salvador lacks access to bank accounts, the government hopes to promote free trade with decentralized currency, thus driving GDP growth.
Bitcoin stirred the news globally after it has been made the legal tender of El Salvador. Many experts in the crypto-currency industry commented on the event.
As the leading project in privacy-preserving public blockchain, Mike Simons, the AOS core developer, tweeted to expressed his opinion on Bitcoin legalization. Mike wrote that “The adoption of crypto within a country as legal tender has huge ramifications. El Salvador is leading the way in innovation, and will become a paradise for digital currencies and a hub for disruptive blockchain technologies.”
Moreover, Mike announced the plan to establish AOS community in El Salvador and recruit local community volunteers. AOS is sophisticated in Spanish which is the official language of the country. AOS Official has launched powerful consensus communities in Argentina and Venezuela. The new community in El Salvador will further strengthen AOS’s influence in the Spanish-speaking regions.
Analysts believe that as El Salvador officially adopted Bitcoin as legal tender, more American countries will follow suit. Riding the wave of Blockchain and digital currency, Latin American countries may surpass the rest of the world to become the Cayman Islands in Blockchain industry. The El Salvador community facilitates AOS to get a head start in Spanish-speaking regions, preparing early for future promotion.
Soon after the approval of the Congress, AOS Official tweeted to give away 1M $AOS for citizens in El Salvador to celebrate the country to officially classify Bitcoin as legal currency. The activity is open to all Salvadoran residents, and each successfully registered participant is expected to be rewarded 100–1000 AOS during the one-month activity.
As the leading project in privacy-preserving Blockchain, AOS has built the most powerful privacy DApp development platform and privacy asset distribution center by leveraging Zero-knowledge proof and smart protocol. AOS launched its brand new development roadmap this January, marking its march of finance and cross-chain industry. AOS also burned 98.8% of the total supply to create huge room for future market growth.