For the first time in twelve years of existence, a recognized nation adopted Bitcoin BTC as an official legal tender. The law was the initiative of the current president, Nayib Bukele, who first announced it in the previous days.
By now, the Legislative Assembly has officially approved the decree. Con 62 votos, el pleno legislativo aprueba la LeyBitcoin con la que El Salvador adopta el Bitcoin como moneda de circulación legal.
Besides, everyone with the right infrastructure is obliged to take BTC as payment.
Directorul bitcoin merchant prices can be set in BTC, there are no capital gain taxes for exchange bitcoinsand all the other taxes can be paid in this currency.
However, the USD will still serve as a reference currency for accounting purposes.
Last month, Tesla stopped accepting Bitcoin payments. Not long after, Elon Musk himself formed an alliance to mine cryptocurrencies with renewable energies.
President Bukele is following that example with Bitcoin in his country. Currently, El Salvador is generating more renewable energies than any other type.
The latter is very important, indeed, since there are at least 20 potentially active volcanoes in the country, and around in totalnothing less. Today, this territory has probably become the friendliest place on Earth to operate with BTC: legal tender, no taxes, open ways for payments, exchanges, and mining.
NEWS18: Discussion about Crypto and Blockchain Technology by Happy Shekh
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