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		</div><p>El Salvador has become the first country to adopt Bitcoin as official legal tender — but it will not be the last, according to the CEO of one of the world’s leading financial advisory and fintech organisations.</p>
<p>The prediction by Nigel Green, chief executive and founder of deVere Group, comes as the legislative assembly of El Salvador on early Wednesday voted to pass a bill that declared Bitcoin, the world’s largest cryptocurrency by market capitalisation, as legal tender, according to the Communications Secretariat of the Presidency of the Republic of El Salvador.</p>
<p>It secured 62 out of 84 votes.</p>
<p>Mr Green notes: “El Salvador has become the first country to adopt Bitcoin as official legal tender — but it will not be the last.</p>
<p>“Some larger, more powerful countries are trying to quash or slow the inevitable shift to borderless, global, digital currencies.</p>
<p>“But this small Central American nation has embraced the biggest one of them all — Bitcoin — and recognised it as official legal tender.</p>
<p>“El Salvador has made history and become a true pioneer of the digital age.”</p>
<p>He continues: “Where El Salvador has led, we can expect other developing countries to follow.</p>
<p>“This is because low-income countries have long suffered because their currencies are weak and extremely vulnerable to market changes and that triggers rampant inflation.</p>
<p>“This is why most developing countries become reliant upon major ‘first-world’ currencies, such as the US dollar, to complete transactions.</p>
<p>“But reliance on another country’s currency also comes with its own set of, often very costly, problems.”</p>
<p>A stronger US dollar, for example, will weigh on emerging-market economic prospects, since developing countries have taken on so much dollar-denominated debt in the past decades.</p>
<p>Mr Green goes on to say: “By adopting a сryptocurrency as legal tender these countries then immediately have a currency that isn’t influenced by market conditions within their own economy, nor directly from just one other country’s economy.</p>
<p>“Bitcoin operates on a global scale and is, as such, largely impacted by wider, global economic changes.”</p>
<h3>Financial inclusion</h3>
<p>In addition, cryptocurrencies could also help bolster financial inclusion for individuals and businesses in developing countries as they can circumnavigate the biases of traditional banks and other financial services providers.</p>
<p>Mr Green concludes: “There will no doubt be critics — probably those based in wealthy countries — who will knock this bold move by El Salvador.</p>
<p>“But I believe we should welcome the forward-thinking approach to solving complex issues.”</p>
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