According to the
BBC, the coin will officially become legal currency in 90 days.
The president’s office said in a press release that the introduction of bitcoin in the country will “bring with it a series of investment incentives and new technologies that will give the country an additional economic boost.” The move was also dubbed a “milestone on a global scale.”
According to the release, the new legislation would grant permanent residency to those who start bitcoin-related ventures and would offer certain tax incentives. Bukele also said Blockstream, a provider of open-source and commercial bitcoin technologies, would install satellite technology to provide better internet access to remote areas. In doing so, business with the digital coin could become more widely available.