El Salvador Approves Law Making Bitcoin Legal Tender

2021-6-10 16:23

The president of El Salvador announced that a law making bitcoin legal tender has been approved, providing details about what this will mean.

According to an announcement from President Nayib Bukele, the Congress of El Salvador has approved a law regulating bitcoin as legal tender. He announced that 62 out of 84 votes approved the measure.

Bill text also shared by the president indicated that the purpose of the 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.”

The law text also indicated that the exchange rate between BTC and the USD will be established freely by the market, tax contributions may be made in bitcoin, exchanges in bitcoin will not be subject to capital gains taxes and that every economic agent must accept BTC when offered unless they do not have access to the technology that would allow them to do so.

“The State shall provide alternatives that allow the user to carry out transactions in bitcoin and have automatic and instant convertibility from bitcoin to USD if they wish,” it reads. “Furthermore, the State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.”

It’s not immediately clear what platforms or services El Salvador may leverage to help its citizens onboard to Bitcoin, but Jack Mallers, the founder of Lightning Payments platform Strike, helped Bukele announce this forthcoming law at the Bitcoin 2021 event last week. During the announcement, Mallers said that he was helping El Salvador establish the necessary infrastructure for its citizens to utilize Bitcoin.

Before the law is enforced, the Banco de Desarrollo de El Salvador will create a trust that can guarantee automatic and instantaneous conversion of bitcoin to USD.

“All obligations in money expressed in USD, existing before the effective date of this law, may be paid in bitcoin,” per the law text.

The law will take effect 90 days after its forthcoming publication in the country’s official gazette.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 96013.35 (+0.35%)
Объем 24H $41.112b
Изменеия 24h: -1.44 %, 7d: -7.04 %
Cегодня L: $95217.68 - H: $97458.26
Капитализация $1901.037b Rank 1
Цена в час новости $ 37348.87 (157.07%)

bitcoin legal making tender salvador law details

Источник: bitcoinmagazine.com

bitcoin legal → Результатов: 126


Will everyone realize this 'reality' about El Salvador's adoption of Bitcoin as legal tender

The news of El Salvador passing the law on Bitcoin as legal tender had made headlines in June. As the date on which it takes effect, draws near (7 September), the country's President shared a few updaThe post Will everyone realize this 'reality' about El Salvador's adoption of Bitcoin as legal tender appeared first on AMBCrypto.

2021-8-24 13:02


Фото:

Craig Wright Plans to Take Legal Action Against BTC Developers, Hopes to Recover Over $3B in ‘Stolen Bitcoin’

Craig Wright, the individual that claims to be Satoshi Nakamoto, seems to be planning to initiate legal action against a number of open-source blockchain developers. Wright’s legal team, Ontier LLP, has allegedly sent letters to programmers who work on blockchains like Bitcoin, Bitcoin Cash, and Bitcoinsv as well.

2021-2-26 20:30


Фото:

Chinese Court States Bitcoin is “Property of Economic Value”

A Chinese arbitration court declared crypto-assets such as Bitcoin must be treated as legal property, despite an infamous blanket ban on cryptocurrencies in the country. Chinese Court Classifies Bitcoin as Property As reported by a local news outlet, the Shenzhen Court of International Arbitration ruled cryptocurrencies must be legally protected as a property with “economic […] The post Chinese Court States Bitcoin is “Property of Economic Value” appeared first on CryptoSlate.

2018-10-27 00:30


Фото:

A Legal Framework for Flockchain – Made in Germany – with the Help of Startups like Lition

Blockchain is primed to disrupt the future of business as we know it, and German lawmakers are all for it. The CDU/CSU and SPD coalitions (major German political parties, for the uninitiated) aim to lead the European blockchain charge in developing a comprehensive blockchain strategy that fosters innovation and nurtures fledgling businesses in this new space.

2018-10-22 11:00


Фото:

SEC Sets Up Open Line of Communication for Fintech Projects With FinHub

The U. S. Securities and Exchange Commission (SEC) has launched a new office to engage with cryptocurrency and blockchain startups. Called the Strategic Hub for Innovation and Financial Technology (FinHub), the division will make it easier for fintech startups to interact with the regulator on related issues and the legal implications of products before they launch them.

2018-10-19 01:51


Blockchain Business in Crypto Valley Has Doubled Since Last Year: Report

The number of blockchain-related companies in Switzerland and Liechtenstein has doubled in the last year, according to a new study published by CV VC. The Zug-based firm, in partnership with Strategy& (PwC’s global consulting arm) and inacta, compiled information about the top 50 blockchain and digital asset companies between the two countries.

2018-10-11 00:18


Фото:

Fraudsters Steal $50,000 in BTC from Melbourne Bitcoin ATM

Fraudsters posing as debt collectors convinced four victims to deposit over $50,000 into a Bitcoin ATM in Australia’s southern county of Victoria, reported Sydney Morning Herald on Oct.5. Police authorities stated that all victims were migrants and were bullied into paying up a hefty amount into the ATM, with the attackers warning of severe legal […] The post Fraudsters Steal $50,000 in BTC from Melbourne Bitcoin ATM appeared first on CryptoSlate.

2018-10-6 16:00


Фото:

Stackr: The Dawn of a Digital Asset Savings Solution - [BTC Media Sponsor]

Financial savings have long been the foundation of wealth and asset building. However, we are now in a time when the growing obsolescence of financial institutions has forced certain technologies out of date, created high fees, revealed structural inefficiencies and, ultimately, meant that some standard investment solutions now fail to place consumer needs first.

2018-10-6 16:37


Фото:

Federal Election Committee Asked to Consider Crypto Mining for Political Contributions

OsiaNetwork LLC has reached out to the Federal Election Committee (FEC) in the hopes that it will allow computer sharing for crypto mining for campaign donations. Osia says it would like to be the platform in which volunteers share their computer power to mine cryptocurrencies, which are then donated to political campaigns of their choice.

2018-10-5 23:57


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Rumble secures $775 million investment from Tether

Rumble partners with Tether in a $775M deal, sparking speculation on future crypto payment integrations. The post Rumble secures $775 million investment from Tether appeared first on Crypto Briefing.

Riot Platforms completes $525M offering to buy Bitcoin

Riot completes a $525M offering to bolster Bitcoin acquisitions and operations, holding 12,000 Bitcoin, valued at $1.2B. The post Riot Platforms completes $525M offering to buy Bitcoin appeared first on Crypto Briefing.