• 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

El Salvador Bill Will Require ‘Every Economic Agent’ to Accept Bitcoin Payments

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

[ad_1]

Home page ” BITCOIN NEWS » El Salvador Bill Will Require ‘Every Economic Agent’ to Accept Bitcoin Payments

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

Posting on his personal Twitter, El Salvador President Nayib Bukele said that he had sent the Bitcoin bill to the National Assembly. The bill states that it wants economic actors to accept payments in bitcoin, and that the government will also create a trust that will allow for the “instant convertibility of bitcoin to dollars.”

El Salvador Bill Will Require ‘Every Economic Agent’ to Accept Bitcoin Payments

El Salvador’s bitcoin bill would require businesses to accept payments in cryptocurrency, a draft version published Tuesday night said.

The bill, proposed by El Salvador President Nayib Bukele, would treat bitcoin as legal tender, along with the US dollar, if passed by Congress and passed into law. Bukele announced his intention to launch the bill Saturday at the Bitcoin Miami conference with Strike founder Jack Mallers.

“In order to promote the economic growth of the country, it is necessary to allow circulation of a valuable digital currency that follows the criteria of an exclusive free market, to increase the national wealth for the benefit of the people. largest number of residents,” the bill said.

According to the provisions of the bill:

Commodities can be priced in bitcoin

Taxes can be paid in bitcoin

Bitcoin trading will not be subject to capital gains tax

US Dollar will remain the reference currency for bitcoin price

Bitcoin must be accepted as a form of payment by “every economic agent”

The government will “provide alternatives” to allow cryptocurrency transactions

The bill notes that 70% of El Salvador’s population lacks access to financial services and says the federal government will “promote the necessary training and mechanisms” to allow citizens to access electricity. death.

How Can You Use Bitcoin in El Salvador?

Bitcoin will not replace the dollar- Government officials in El Salvador said. However, the buyer can completely use Bitcoin for payment if the chargeer wants to accept it.

“A tomato that costs 20 cents will still cost 20 cents, even among merchants that accept bitcoin,” said Miguel Kattán, El Salvador’s Minister of Trade and Investment.

That said, bitcoin will certainly be legal tender, however it is no substitute for the dollar. The US dollar is still the standard measure of the value of goods in all payment methods.

Although the US dollar is the official currency ever in El Salvador, people have been using Bitcoin.

Surfers’ paradise El Zonte — a village of 3,000 people in El Salvador — has a Bitcoin economy.

In 2019, the beach-loving philanthropist El Zonte decided to allocate a multi-year six-figure endowment to El Zonte.

Dubbed the “Bitcoin Beach initiative,” a localized Bitcoin economy has been created in El Zonte, with most businesses now accepting Bitcoin in daily transactions.

About 500 locals use the cryptocurrency to buy everything from haircuts, cleaning and hygiene products, to food, surfing classes and even water service.

ElZontelindo.com explains: “The use of Bitcoin is open to everyone and no one has to worry whether the bank will accept them as a customer or take advantage of them because they don’t have any other option.

“We believe Bitcoin will be everyone’s money and make ‘no banks’ a thing of the past.”

This is because El Salvador is a predominantly cash economy, where about 70% of people do not have a bank account or credit card, CNBC News explains.

Join Facebook Groups and Telegram group of the Coinlive to chat and exchange information about the Crypto Currency market with more than 10,000 other people.

Important Note: All content on the website is for informational purposes only and is not investment advice at all. Your money, the decision is yours.

[ad_2]

Tags: AcceptAgentBillBitcoinEconomicPaymentsRequireSalvador
Share76Tweet47

Related Posts

Cathie Wood Forecasts Bitcoin Surge and AI-Driven Growth

by shark
May 11, 2025
0

Cathie Wood envisions Bitcoin's growth and AI revolutionizing U.S. economics, impacting markets and productivity.

BlackRock and SEC Discuss Crypto ETF Rules in Key Meeting

by shark
May 11, 2025
0

BlackRock executives discuss tokenization and ETP rules with the SEC's Crypto Task Force, impacting crypto assets and ETFs.

TRUMP Team Deposits 3.5 Million Tokens Into Exchanges

by shark
May 11, 2025
0

A wallet linked to the TRUMP team deposited 3.5 million TRUMP tokens into major cryptocurrency exchanges including Binance, OKX, and...

BitMart Appoints Nenter Chow as New Global CEO

by shark
May 11, 2025
0

Nenter Chow steps in as BitMart's Global CEO, highlighting security and innovation focus.

Spot Bitcoin ETFs Reach Record $40.3B Lifetime Flows

by shark
May 11, 2025
0

Spot Bitcoin ETFs hit a record $40.3 billion in lifetime flows, boosting institutional Bitcoin adoption.

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

  • Cathie Wood Forecasts Bitcoin Surge and AI-Driven Growth
  • BlackRock and SEC Discuss Crypto ETF Rules in Key Meeting
  • TRUMP Team Deposits 3.5 Million Tokens Into Exchanges
  • BitMart Appoints Nenter Chow as New Global CEO
  • Spot Bitcoin ETFs Reach Record $40.3B Lifetime Flows
  • Conor McGregor Calls for Irish Bitcoin Reserve
  • Those Who Missed Near Protocol May Now View Qubetics as the Best Crypto Presale to Join
  • CryptoQuant CEO Reverses Bitcoin Bearish Outlook Post $100K Breakthrough
  • 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