Latin American country El Salvador is scripting a new history today! El Salvador President Nayib Bukele recently announced that the Bitcoin Law has been officially passed in the Salvadoran Congress with a strong majority of 62 votes.
The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.
62 out of 84 votes!
History! #Btc🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
Trending Stories
This makes El Salvador the first country to officially accept Bitcoin (BTC) as a legal tender alongside USD in the country’s financial system. The Bitcoin Law will come into effect in the next 90 days. In the Clubhouse Spaces room, President Nayib Bukele was sharing the room with some of the top Bitcoin proponents as the law was being signed.
The President said that he is planning to meet the IMF (International Monetary Fund) ahead of this week on Thursday, June 11. This will be a crucial meeting as it will decide the course of change in the global financial system. During the recent announcement, the El Salvador President said that making Bitcoin a legal tender will provide a major boost to the country’s economy and this is in no way the step taken for de-dollarization.
As said, El Salvador will take 90 days to implement the Bitcoin-based legal payment system. Once in place, all merchants operating in the country will have to accept Bitcoin payments. The El Salvador government will operate a Bitcoin wallet for the same. What’s more exciting is the permanent residency in El Salvador is now available for 3 BTC.
Details of El Salvador’s Bitcoin Bill
Since the Bitcoin Law is now being passed, all consumer goods prices shall now be available in BTC along with the U.S. Dollar. Similarly, tax contributions will be paid all in Bitcoin and the exchanges for BTC won’t be subjected to capital gains tax. As the law reads:
“The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out”.
As per the proposed law, the BTC exchange rate with the U.S. Dollar shall be freely established by the market. The law also notes that El Salvador will “promote the necessary training and mechanisms so that the population can access bitcoin transactions.”
The Bitcoin Law states that BTC will serve the role of financial inclusion as 70% of the El Salvador population still uses cash.
- ETH Whales Add Polygon (MATIC) Amid Prices Surge Of 60% In Last 7 Days
- Uniswap ($UNI) Surges 45% As Trading Fees Surpass Ethereum
- Ethereum Merge Delay? Developers Concerned Over Shadow Fork
- MINA Price Jumps By 20% Over This Announcement
- Bitcoin Mining Data Suggests More Price Dumps Ahead; Details
- This Bitcoin Bear Market Is Unlike Any Other, Here’s Why
- Here’s Why Shiba Inu Ecosystem Tokens’ Prices Are Shooting Up
- Goldman Sachs Likely to Raise $2 Billion To Acquire Celsius Assets, But Here’s the Catch
- Here’s Why SEC Chair Wants Single Rulebook For All Crypto Trading
- Huge Cardano Breakout Imminent After This Resistance Level?
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59
- XRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
- AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark
- Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?
- ArbiSmart Price Analysis: RBIS Retests Multi-month Support; Buy this Dip?
- Waves Price Analysis: Emerging Pattern Threatens to Break $4.16 Support
- Apecoin Price Analysis: Trendline Fakeout Could Tumble APE by 25%