Bitcoin will become El Salvador’s legal tender

El Salvador’s parliament passed a law under which the bitcoin cryptocurrency becomes legal tender in the country.

El Salvador’s Congress supported the idea of ​​making bitcoin the country’s legal tender: 62 out of 84 legislators voted in favor.

The purpose of this law is to regulate bitcoin as legal tender, not to restrict any transactions with it that are required by government, individuals, or legal entities.

The text of the law

Prices can now be set in bitcoins, tax payments can be paid in digital currency, and bitcoin exchanges will not be subject to capital gains tax.

The Government of El Salvador will also create a crypto wallet on the basis of the Development Bank, the value of tokens in which will reach $ 150 million. The US dollar will be used as the base currency for exchange transactions.

According to media reports, the law will enter into force 90 days after publication in the country’s official gazette.

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Author: John Kessler
Graduated From the Massachusetts Institute of Technology. Previously, worked in various little-known media. Currently is an expert, editor and developer of Free News.
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