El Salvador Bitcoin Law Making BTC Legal Tender Passes With Supermajority
Bitcoin is a bicoin that uses blockchain technology to keep everything in order and is one of the most popular cryptocurrencies on the market. The reason that people tend to get drawn to bitcoin is because of its global acceptance. That is because it is a decentralized currency which allows you to send money to anyone, anywhere in the world without the risks of inflation and the uncertainty of a government’s policies.
With the recent passing of the law by the country that would make El Salvador the first country in the world to create a law making Bitcoin and other cryptocurrencies legal tender, it has been a week of celebration for this community. While there is still some way to go before El Salvador will actually implement this law, this is still a very positive step towards wider acceptance of cryptocurrency and blockchain technology.
El Salvador became the first country in Latin America to officially recognize bitcoin as legal tender on December 11th, after a bill passed its first reading in the country’s Congress. The controversial bill was proposed by the governing party Frente Farabundo Marti National Liberation Front (FMLN) and approved by the majority of legislators in the country’s Legislative Assembly on November 26th, receives the supermajority needed for passage.. Read more about el salvador bitcoin legal tender and let us know what you think.
A bill to make bitcoin legal tender in El Salvador has been approved by a majority of the Salvadoran Congress. The purpose of the bill is to regulate bitcoin as an unrestricted legal tender, with unlimited power in any transaction and over any security to be exercised by any public or private person or entity, the bill says.
Salvadoran Congress passes bill to recognize bitcoin as legal tender
A bill to recognize bitcoin as legal tender has been passed by El Salvador’s Congress. President Nayib Bukele announced this via Twitter early Wednesday morning: The bitcoin law was passed by the Salvadoran Congress with an overwhelming majority of 62 out of 84 votes. History. The bill was sent to Congress late Tuesday night; it contains 16 sections. Article 1 reads: The purpose of this bill is to regulate bitcoin as an unrestricted legal tender, with unlimited power in any transaction and over any security, to be exercised by any public or private person or entity. The bill provides that the exchange rate between bitcoin and the U.S. dollar is freely determined by the market and that prices can be expressed in bitcoins. In addition, tax assessments can be paid in bitcoins, the bill continues: Bitcoin exchanges are not subject to capital gains tax like any other lawful currency. In addition, bitcoin should be accepted as payment by anyone offering goods and services. Article 12 provides that those who do not have access to the technology that enables bitcoin transactions are excluded from the obligation to accept bitcoins as a means of payment. The state will facilitate the necessary training and mechanisms to allow the public to access bitcoin transactions. Article 14 reads: Until the entry into force of this law, the State, through the creation of a trust within the Banco de Desarrollo de El Salvador (BANDESAL), guarantees the automatic and immediate conversion of bitcoins into US dollars needed for the alternatives offered by the State. According to the bill: This Decision shall enter into force 90 days after its publication in the Official Journal. The full text of the bill is available here. What do you think of El Salvador’s decision to make Bitcoin legal tender? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.The El Salvador Central Bank has officially issued a decree providing that digital currency, such as Bitcoin, will be treated as legal tender. The decree, published on the Central Bank’s official website, will make it possible for El Salvadorians to pay taxes, bail, or buy items with Bitcoin in the country’s official currency. The decree now makes El Salvador the fifth country in Latin America and the Americas as a whole, to recognize Bitcoin as a legal means of payment. Venezuela, Ecuador, Argentina, and Peru have each issued decisions to the same effect.. Read more about el salvador currency and let us know what you think.
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