‘Laser Eyes’ El Salvador Leader Makes Bitcoin Legal Tender (3)

El Salvador has become the first country to formally adopt Bitcoin as legal tender after President Nayib Bukele said congress approved his landmark proposal.

The 39-year-old president, whose Twitter profile has a “laser eyes” picture of the kind popular with devotees of cryptocurrencies, said on Twitter lawmakers approved the legislation by a supermajority.

Bukele has previously said that Bitcoin will help counter El Salvador’s low banking penetration rate and cut the cost of sending remittances. Such transfers, mainly from Salvadorans working in the U.S., surged to a record of nearly $7 billion over the 12 months.

A significant percentage of ...