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.
— Asamblea Legislativa (@AsambleaSV) June 9, 2021
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.