Bitcoin now a legal tender in El Salvador. The first country to legally approve. El Salvador is a country in Central America. Today, with a big global impact legalized Bitcoin as a legal tender. The Legislative Assembly of El Salvador approved a law declaring Bitcoin as legal tender.
The Bitcoin law was presented by the President, Nayib Bukele. The Legislative assembly of El Salvador passed the law with 62 favorable votes. Not just the use case but also the acceptance by the merchant will be mandatory.
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
What does this mean to El Salvador Bitcoin?
The bill will mandate all businesses to accept bitcoin just like normal currency. The Development Bank will also sell some of the bitcoin it receives for dollars. He also hinted at Bitcoin mining with sustainable renewable energy. The goods and services in exchange for bitcoin look a very bright future for Bitcoin overall. As per the president, many don’t have access to Banks. There will be no compulsion to use Government announced Bitcoin wallet. Also, the rollout will be worked out for the population who lack Technical challenges.
The last point would be there won’t be any Tax/Capital gains in El Salvador for buying and selling Bitcoin.