Good News For Bitcoin Holders; El Salvador Passes This Law

Bitcoin Price News: The disputed Law on the Issuance of Digital Assets was passed this Wednesday by the Legislative Assembly’s deputies. It got passed with 62 votes.

The bill entered the Salvadorian parliament last year in November and was supported by the Executive. A digital asset is a digital representation that can be electronically stored and transferred, using a Distributed Record Technology system or similar analogous technology as per article 3 of the proposal.

The idea aims to”create the legislative order that offers legal certainty to transfer operations with any title of digital assets employed in the issue of public offerings carried out in El Salvador, according to Salvador’s party in a rule.

Opposition claims an opportunity for fraud

The restrictions, according to the opposition lawmakers, make it easier for the present administration to launder money, evade taxes, and accrue more debt.

Also read: Samsung Launches Bitcoin Futures ETF Amid Crypto Market Recovery

Josue Merlos, the director of commercial responsibilities at the Ministry of Economy, appeared before the Economy commission on Monday to defend the idea. He claimed it was intended to ensure finance. The law’s language does not specifically state that it would be handled via Bitcoin. However, it is a designation that likely has a continuing goal.

“The goal is to control the issuance of digital assets, but the problem is that it allows for the issuing of this kind of public debt. It is not a priority (on a regular basis), yet the government functions. In the Economy commission,”

FMLN legislator Anabel Belloso said, and it doesn’t address the issues of the people.

The idea calls for establishing a national digital asset commission, whose duties will include overseeing the registry of service providers and promoting the market for digital assets.

In addition, it establishes the formation of the Bitcoin Fund Administration Agency, whose duties will include managing, protecting, and investing money from the Salvadoran State’s public offerings of digital assets and the profits from those offers.

However, BTC printed green indexes over the past 24 hours. Bitcoin price surged by 4% to trade at $18,173, at the press time.

Also read: Bitcoin (BTC) Gains for the Ninth Successive Day, Is $20,000 Coming?