At the Miss Universe pageant held in New Orleans, El Salvador’s representative Alejandra Guajardo made a statement with her outfit, showcasing different currencies throughout the country’s history, including Bitcoin.
This move came just days after El Salvador passed a law to regulate the issuance of digital assets by both public and private entities.
El Salvador made history by recognizing Bitcoin as a legal tender and mandating that all businesses must accept the cryptocurrency.
The law was proposed by the ruling party, with support from President Nayib Bukele, with the aim of attracting both national and international investors, and creating new financing opportunities for the government, institutions, and individuals.
The law establishes a legal framework for the transfer of digital assets used in public issuance offers, and sets up the National Commission for Digital Assets and the Bitcoin Proceeds Administration Agency to manage, protect, and invest funds from the government’s public offers of digital assets. The law does not apply to Central Bank Digital Currency (CBDCs) or fiat currencies.
Questions were raised about the connection of the bill to the launch of Bitcoin volcano bonds, but the President did not comment.
This new legislation marks a significant step in the mainstream adoption of digital assets and has the potential to open up new opportunities for the government, institutions, and individuals.