El Salvador Bitcoin Law Making BTC Legal Tender Passes With Supermajority
El Salvador recently passed a law that makes bitcoin a legal tender in the country. The new law allows bitcoin to be used for payment in lieu of any other forms of currency. The law was passed on the 5th of September with a majority of votes.
Thousands of people are making a big fuss about the fact that El Salvador has decided that Bitcoin will be legal tender, and they are calling all the shots on how it is going to be done. While this may sound like a dream come true for Bitcoiners, the reality is quite different, and we still have a ways to go before Bitcoin becomes the digital cash that it was designed to be.
Even though the El Salvadoran Congress approved the Bitcoin bill, Chairwoman of the El Salvadoran National Assembly (AS) and negotiator of the Bitcoin bill, has said that the bill is not yet complete and that the country’s central bank will approve the final version. The cryptocurrency bill will allow El Salvador to be the first country in Latin American to recognize Bitcoin as a legal currency.. Read more about el salvador currency 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. Under the bill, the exchange rate between bitcoin and the US dollar would be freely determined by the market and prices could 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 about El Salvador making 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.El Salvador’s Congress has passed a law that makes Bitcoin and other cryptocurrencies legal tender, the country’s Ministry of Finance and the Bitcoin Foundation say. The law, which will not take effect until November, makes Bitcoin and other cryptocurrencies legal tender, the country’s Ministry of Finance and the Bitcoin Foundation say.. Read more about bitcoin beach el salvador and let us know what you think.
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