Great news and very impressed to see a country like El Salvador is going to do that and the initiative came from its president which is exceptional.

Just a correction, it is no El Salvador the first country to legalize bitcoin but they're the first country to declare bitcoin as a legal tender. Being used legally and being declared as a legal tender are different or am I wrong with my understanding, cmiiw. But over all of it, very good news.

Nothing is official as of yet, and I would be rather cautious. All we have is a statement form the president (Nayib Bukele). A bill needs to be introduced in the parliament and passed, in order for Bitcoin to be declared as legal tender in El Salvador (it should not be a problem for Bukele, as his party is having a majority in parliament). But I will be vary of delaying tactics from the parliamentarians and regulations from the authorities. If in the end they impose all sort of restrictions on the usage of Bitcoin in remittance, then very few people may use it.

This news has spread very quickly throughout the world...

we all have to agree that el salvador is the richest country in the world today. I don't know what obstacles the president of el salvador faced when he wanted to ratify this but he has managed to bring his country's reputation very well.

 It is great initiative taken by Nayib Bukele the El Salvador president and great news for all the residents who already are not having much bank accounts for the country population as per reports.This decision has came up in the time btc was struggling with all the FUD in the market and prices were tumbling.They are making it as legal tender which means giving it status of use like fiat and reserve assest instead of fiat and gold.So this can truly have major impact on the other small African nations as well in the coming time.Just HODL your coins safe with you.

Exactly.  I have felt similar reservations straight from seeing Jack Maller's Miami presentation that included the El Salvador president's statement.  Right from the start Maller and other commenters upon the topic were presenting the matter as if it were a "done deal" - even the President seemed to proclaim that it will be done in the coming week - and I have hardly known any government to get things done that quickly, especially the more complicated the legislation or rule that is going to be passed.

Another devil in the detail matter would be if the President sends over a draft legislation and the congress looks at the matter and decides if they want to pass it "as is" - something like "the sky is blue" would be easy to get agreement, not have any debate and then pass without amendment, but if there are stake holders with varying interest, including potential pressures from outsiders, then surely there might be some considerations regarding whether some of the language of the draft legislation needs to be changed or if they are able to agree to passing the draft exactly as proposed.

So, at this point, we not ONLY have a lot of presumption that whatever was proposed would just go through without modification and then even questions about what is being proposed exactly - though I presume that some links have been shared about what is being proposed.

Surely, I am going to become more interested if something does actually pass (and to see what that is, exactly), and surely surprised if something actually passes this week as seems to be a kind of presumption towards the President's statement that he is "sending something to parliament on the topic this week".. what is he sending exactly?  Did he already send it?  Define this week.

I have to agree, indeed, too. I have always been told to look for the catch in anything because most of the times there is always a catch. Maybe this is the time in which there is not but better wait some more before having to re-think our enthusiasm. It happened with Elon too.

They are talking about bitcoin, so you seem to be making a lot of assumptions that various shitcoins and shitcoin projects are going to be able to flourish there, which might not be incorrect, but seems that you are both going quite a ways beyond the announcement in terms of seeming to mostly be focusing on bitcoin and lightning network at the moment.. and surely more directly from those developments some shitcoins are likely to try to come into the space too.. so it could be interesting if there are attempts to protect citizens from various shitcoin related scams.. which is sometimes hard to do and also can be seen in the bitcoin space that a lot of shitcoins do leech off of bitcoin and try to present themselves as offering something of actual value... but can do so because bitcoin does provide some level of legitimacy to the whole space and then the shitcoiners can come in and act like they are either the same thing or something similar.

But if the bill passes the congress, then it will be a big hit for bitcoin and the whole crypto market will definitely be in bullish season. If not, they will surely end up another means to sustain their needs aside from bitcoin.

I'm impressed on how open minded the President is. I see he's a good leader because his citizens comes first in him and the fact that he believes in bitcoin when most of the governments refuse to adopt, he must be one thing of a kind.

Thanks to Peru if they will add this to their Legal tender.

But as far as i know , it is not El Salvador who had Bitcoin as legal tender instead it is Japan .