During the Bitcoin 2021 Conference held in Miami, the President of El Salvador announced through a pre-recorded video message that El Salvador will be adopting BTC as legal tender. After the excitement surrounding the announcement, it was reported earlier today that the Bitcoin legal tender law was sent to El Salvador’s legislature for approval and implementation.
To the delight of BTC enthusiasts all around the world, the bill has been officially passed in the Salvadorian Congress with 62 votes out of 84. Bitcoin will now be recognized as a legal tender in the country, which is a historical moment.
The President of El Salvador, Nayib Bukele, updated the people by recently tweeting:
The Bitcoin law covers numerous areas, which is likely to increase opportunities for BTC investors and enthusiasts and also boost the significance of the crypto asset.
The Bitcoin law is a monumental event for BTC and has everyone at the edge of their seats as they now wait to see the fruits of this law in El Salvador and ultimately all around the world.
Therefore, if you have been planning to invest in Bitcoin then this can be a positive indication for you. It is important that you use secure exchanges before purchasing Bitcoin or any other cryptocurrency. SwissBorg or Kraken are two of the safest Bitcoin exchange sites that can be used.
What to Know About El Salvador’s Bitcoin Bill?
An English-translated version of El Salvador’s Bitcoin Bill was recently shared on Twitter.
According to the bill, El Salvador is likely to reach new heights as major plans are in store after adopting BTC as legal tender.
Some of the major points in the bill evident in the tweet shared above are:
- Regulation of BTC as unrestricted legal tender
- Prices may be expressed in BTC
- People can pay tax contributions in BTC
- U.S. dollar will be used as reference currency
- Mandatory for economic agents to accept Bitcoin as payment
- BTC can instantly be converted to U.S. dollars to limit volatility issues
- Similar to other legal tenders, any transactions in BTC will not be dependent on capital gain tax
El Salvador is the smallest country in Central America and is now the first country to adopt BTC as legal tender. The points mentioned above can revolutionize the economy and financial system of the country.
After the publication of the bill in the Official Gazette, it will take 90 days for the law to come into effect.
What Can you Look Forward to?
Adopting the largest cryptocurrency as a legal tender is a major step for El Salvador towards a modernized financial system and prosperity. Bitcoin has numerous utilities and its prominence has only grown with time, regardless of the ups and downs noticed in its price.
Even the long-term investors and hodlers of BTC have been optimistic of its comeback and with the Bitcoin Bill passing in El Salvador, the price of the digital asset is expected to take a turn for the best.
Recognizing Bitcoin as a legal tender can open new doors of opportunities and achievements, not just for people in El Salvador, but crypto enthusiasts across the globe.
Potential investors can also ultimately consider crypto trading and enjoy its benefits by using a secure exchange such as the ByBit exchange.
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