El Salvador Officially Recognizes Bitcoin as Currency

El Salvador Officially Recognizes Bitcoin as Currency

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On June 9, El Salvador passed a bill that recognized Bitcoin as the country’s legal currency, alongside the US dollar.

El Salvador today votes on the “Bitcoin Law”. With 60/84 votes in favor, Bitcoin officially became a legal means of payment in the country. The Decree takes effect 90 days after the notice is posted.

With the move, El Salvador became the first country in the world to accept Bitcoin as its national currency.

According to the “Bitcoin Law”, this cryptocurrency will be unrestricted, used in every transaction. In particular, the bill requires every business to accept Bitcoin payments.

The government will ensure that Bitcoin can be instantly converted to US dollars to minimize the volatility of this cryptocurrency. The exchange rate to the US dollar will be set by the free market. Bitcoin transactions will not be taxable. In addition, El Salvadorans will be able to pay their taxes with Bitcoin.

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