El Salvador has gone crypto.
President Nayib Bukele's Bitcoin Law received 62 out of 84 votes in El Salvador's Congress on Wednesday morning, rendering it legal tender in a global first.
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The Bitcoin Law says the state will provide necessary training to help the population — 70 percent of which does not have access to traditional financial services — use bitcoin.
"In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy," Bukele said.
The price of bitcoin rose 5 percent after the vote, NBC News reports. The CEO of digital payments application Strike, which is partnering with El Salvador, called Bukele's proposal a "shot heard 'round the world for bitcoin." The law goes into effect in 90 days.
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