• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

Bitcoin is legal currency in El Salvador

191
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

[ad_1]

Although the price of Bitcoin and Altcoins is “struggling” in a correction, the cryptocurrency market is making a lot of positive progress. One of them is that Bitcoin has become legal tender in El Salvador.

Related articles

Bitcoin is at $67K but analysis warns BTC price could drop 10% next

Bitcoin is at $67K but analysis warns BTC price could drop 10% next

May 20, 2024
Avalanche (AVAX) price is among the few altcoins that have dropped sharply

Avalanche (AVAX) price tag is amid the couple of altcoins that have dropped sharply – Bitcoin News 2024

April 16, 2024

Bitcoin is legal currency in El Salvador

As Coinlive reported on June 6, in a video broadcast at the Bitcoin Conference 2021, the “Biggest Bitcoin Conference in History” being held in Miami (USA), President Nayib Bukele of El Salvador announced the important partnership between the country and digital wallet company Strike, to build the country’s modern financial infrastructure using Bitcoin technology.

“Next week, I will send to Congress a bill to make Bitcoin legal tender.”

And said to be done, on the morning of June 9, President Nayib Bukele sent a bill proposal to the National Assembly for consideration.

I’ve just sent the #BitcoinLaw to Congress pic.twitter.com/DljnxsXlyt

— Nayib Bukele (@nayibbukele) June 9, 2021

At this point, the whole world has to admire the processing speed of the El Salvador government. Just hours after the President submitted the proposal, El Salvador officially approved the bill. This means:

Bitcoin has become legal tender in El Salvador

Thus, the previous analysis of Coinlive in the article Bitcoin becomes legal currency in El Salvador – What is the impact on the US? will most likely come true.

El Salvador’s Bitcoin Specific Policy

With the aggregated information, the policy for Bitcoin in El Salvador is as follows:

  1. Bitcoin is legal currency in El Salvador
  2. The exchange rate between BTC and USD will follow the market price
  3. Prices of goods and services will be listed in BTC
  4. Citizens can pay taxes in BTC
  5. Bitcoin trading profits are not taxed capital gains, because BTC is a currency
  6. USD will still be used for accounting purposes
  7. All economic entities must accept Bitcoin as a payment method
  8. The state will have universal education courses on Bitcoin, cryptocurrency trading to citizens
  9. There will be a specific body set up to control and enforce this law
  10. People can freely switch back and forth between BTC and USD in any activity
  11. The law will go into effect 90 days after this notice

Besides, there are a number of other “benefits” that are exclusive to Bitcoiner:

  1. El Salvador will create a free Bitcoin wallet for all citizens
  2. As the policies mentioned above, it is likely that El Salvador will use the Lightning Network to conduct BTC transactions
  3. El Salvador will grant citizenship to those who invest from 3 BTC back into this country

Besides, El Salvador is discussing to allow mining of BTC with energy from volcanoes in this country.

And in particular, according to President Nayib Bukele:

President of El Salvador 🇸🇻 , “The US State Department and IMF have already reached out to me”

— Documenting Bitcoin (@DocumentingBTC) June 9, 2021

“American officials and the IMF (International Monetary Fund) have contacted me.”

Thus, it can be seen that in the future there will be other countries “following” El Salvador that consider Bitcoin as legal currency. There are already Paraguay and Panama headed for Bitcoin adoption after the pioneering flag of El Salvador.

Jane

Maybe you are interested:

Join the chat group Coinlive Chats Now let’s discuss hot issues of DeFi market with Coinlive admins!!!



[ad_2]

Tags: BitcoincurrencylegalSalvador
Share76Tweet48

Related Posts

YZi Labs Invests in Decentralized Platform MEET48

by shark
June 27, 2025
0

YZi Labs, the investment arm of Binance, focuses on strategic crypto ventures and announced its investment in MEET48 to reshape...

Melania-Linked Wallets Reported to Sell Amid Price Drop

by shark
June 27, 2025
0

Explore the impact of recent cryptocurrency sales linked to Melania Trump causing a 98.4% price crash. Understand the role of...

Bitcoin Faces Volatile Market as Net Taker Volume Surges

by shark
June 27, 2025
0

Bitcoin nears a volatile market shift as the Net Taker Volume on Binance exceeds $100M.

OORT DataHub Launches DeAI App on Binance Wallet

by shark
June 27, 2025
0

OORT DataHub integrates its DeAI dApp on Binance Wallet, reaching 486 million users.

World Liberty Financial Prepares WLFI Transferability Amid Rising Demand

by shark
June 27, 2025
0

World Liberty Financial to make WLFI tokens transferable, spurring institutional interest and market activity.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • YZi Labs Invests in Decentralized Platform MEET48
  • Melania-Linked Wallets Reported to Sell Amid Price Drop
  • Bitcoin Faces Volatile Market as Net Taker Volume Surges
  • OORT DataHub Launches DeAI App on Binance Wallet
  • Qubetics Nears $0.40 Listing as Solana and Avalanche Shift During Ceasefire – Next Bull Run Crypto?
  • World Liberty Financial Prepares WLFI Transferability Amid Rising Demand
  • Metaplanet Surpasses Tesla in Bitcoin Holdings
  • Binance Delists Five Tokens, Ending Spot Trading Soon
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7