El Salvador Becomes First Country to Approve Bitcoin as Legal Tender

El Salvador Becomes First Country to Approve Bitcoin as Legal Tender
фото показано с : coinjournal.net

2021-6-9 15:12

The Bitcoin Law mandates that all businesses must accept Bitcoin payments if they can do so.

Making Bitcoin legal tender has anchored El Salvador into the history books

El Salvador has approved a law adopting Bitcoin as legal tender, becoming the first country to do so.

On Tuesday the Central American nation’s congress voted on President Nayib Bukele’s proposal to have the cryptocurrency classified as legal tender.

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

Nearly two-thirds of the lawmakers- 62 out of 84- voted in favour of the president’s proposal, formally making Bitcoin acceptable across the country.

The use of BTC as a legal tender in the country will become law after 90 days.

El Salvadorians will be able to pay their taxes in Bitcoin, but transactions made in the cryptocurrency will not be subject to capital gains.

Article 4 specifies that "tax contributions can be paid in #bitcoin." Article 5 that "exchanges in bitcoin will not be subject to capital gains tax, just like any legal tender." Article 6 preserves the use of $USD "for accounting purposes."

— Avik Roy (@Avik) June 9, 2021

Avik Roy, the president of the Foundation for Research on Equal Opportunity, says the key article in the Bitcoin Law is at number seven. It states that “Every economic agent must accept Bitcoin as payment when offered to him by whoever acquires a good or service.”

This will, however, not be the case if the vendor or merchant has not put in place the technological requirement to allow for Bitcoin transactions.

Bitcoin will be instantly convertible into the US dollar, with the two currencies enjoying the same legal standing in commerce and legal obligations.

According to Reuters, El Salvador has anchored the adoption into law despite concerns that the move could jeopardise the country’s program with global lender IMF. El Salvador has asked for over $1 billion from the IMF, and experts are saying the country’s decision on Bitcoin could impact this programme.

But President Bukele maintains Bitcoin can be a critical component in the country’s remittances programme. According to him, the use of the popular cryptocurrency will allow a growing number of Salvadorans across the world to send money back home.

The Salvadorian leader believes Bitcoin will not only foster financial inclusion, but also significantly improve the country’s tourism and economic development.

While Bitcoin is accepted as payment for goods and services in many countries, this is the first time its use is nationally accepted and provided for in the law.

The post El Salvador Becomes First Country to Approve Bitcoin as Legal Tender appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 98342.05 (-0.15%)
Объем 24H $43.458b
Изменеия 24h: -0.36 %, 7d: 8.87 %
Cегодня L: $97633.19 - H: $98572.23
Капитализация $1945.85b Rank 1
Цена в час новости $ 34769.28 (182.84%)

bitcoin tender legal approve salvador country becomes

Источник: coinjournal.net

bitcoin tender → Результатов: 83


Фото:

Most El Salvador Citizens Not Keen on Accepting Bitcoin as Legal Tender

Following the legalization of bitcoin as legal tender in El Salvador, it appears that most of the country’s citizens are not enthusiastic about the government’s move to adopt bitcoin. El Salvadorans Skeptical About Bitcoin According to Reuters on Thursday (July 8, 2021), the thoughts of El Salvadorans about the government’s bitcoin plan were revealed inRead More

2021-7-10 21:00


Фото:

Russian Central Bank Comes out Against Bitcoin, Would Support a Ban

On November 29th, the Central Bank of Russia came out against Bitcoin, claiming that their local ruble should be the nation’s only legal tender. While nothing has been set in stone as of yet, the Central Bank is open to banning the ability to buy goods and services with Bitcoin due to the risky nature […] The post Russian Central Bank Comes out Against Bitcoin, Would Support a Ban appeared first on BeInCrypto.

2019-12-2 12:26


Фото:

South Korea’s Central Bank Says CBDCs Will Disrupt Financial Stability

South Korea’s central bank has warned that adopting a state-backed cryptocurrency as an official form of legal tender would threaten the country’s financial stability. In a report, the Bank of Korea (BoK) said such a currency, also known as a central bank digital currency (CBDC), could result in a spike in interest rates and a […] The post South Korea’s Central Bank Says CBDCs Will Disrupt Financial Stability appeared first on Bitcoin News.

2019-2-7 16:40


Фото:

South Korea Central Bank Says CBDCs Will Disrupt Financial Integrity

South Korea’s central bank has warned that adopting a state-backed cryptocurrency as an official form of legal tender would threaten the country’s financial integrity. In a report, the Bank of Korea (BoK) said such a currency, also known as a central bank digital currency (CBDC), could result in a spike in interest rates and a […] The post South Korea Central Bank Says CBDCs Will Disrupt Financial Integrity appeared first on Bitcoin News.

2019-2-7 16:40


Фото:

Elections Canada Consults With Political Parties on Crypto Donations

According to Elections Canada, the agency that runs federal elections in Canada, there has been “a growing interest” in cryptocurrency donations. This trend has prompted some political parties to ask for a ruling on how best to manage bitcoin and other cryptocurrency political donations and how to navigate the various reporting systems required by both Elections Canada and the parties so that they comply with the Canada Elections Act.

2019-1-24 20:28


Фото:

National Cryptocurrencies Enabled with Platin

Considering the significant benefits that can come with using cryptocurrencies, it shouldn’t be surprising that governments around the world want a piece of the pie. While there have been some reservations from policymakers regarding digital currency, an increasing number of countries are exploring the development of national cryptocurrencies to supplement their current legal tender.

2018-12-6 02:00


China's Central Bank Wants to Put the Damper Airdrops: Report

The People's Bank of China (PBoC), China's central bank, has its eyes on cryptocurrency companies that run airdrop campaigns in the country. In its most recent financial stability report for 2018, which was published on Friday, November 3, 2018, the bank said there has been a surge in the number of "disguised" Initial Coin Offerings (ICO), including the free distribution of crypto tokens through airdrops, despite its effort to clamp down on their activities.

2018-11-5 22:04


China's Central Bank Wants to Put the Damper on Airdrops: Report

The People's Bank of China (PBoC), China's central bank, has its eyes on cryptocurrency companies that run airdrop campaigns in the country. In its most recent financial stability report for 2018, which was published on Friday, November 3, 2018, the bank said there has been a surge in the number of "disguised" Initial Coin Offerings (ICO), including the free distribution of crypto tokens through airdrops, despite its effort to clamp down on their activities.

2018-11-7 22:04


дальше еще 34 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru