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Bitcoin Now Legal Tender in El Salvador, First Nation to Adopt Cryptocurrency

posted by martyb on Thursday June 10 2021, @07:35AM   Printer-friendly
from the [bit]coin-of-the-realm? dept.

Freeman writes:

Bitcoin now legal tender in El Salvador, first nation to adopt cryptocurrency:

On Wednesday, El Salvador’s president signed into law a proposal to adopt bitcoin as legal tender, making the Central American nation the first in the world to officially use the cryptocurrency.

The new law says that companies must accept bitcoin as a form of payment, and the government will allow people to pay taxes with it as well. The exchange rate with the dollar will be set by the market, and exchanges from dollars to bitcoin won’t be subject to capital gains tax. The law was passed by a supermajority vote of the legislature, with 62 of 84 deputies assenting.

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  • (Score: 0, Interesting) by Anonymous Coward on Thursday June 10 2021, @08:27AM

    by Anonymous Coward on Thursday June 10 2021, @08:27AM (#1143832)

    The new law says that companies must accept bitcoin as a form of payment

    I think maybe some politicians in El Salvador got some 'donations'. But they are known for passing laws that make sense for the nation, making it ever more shithole in the process. And then you wonder why people are fleeing that cesspool?

    https://www.aljazeera.com/news/2021/3/14/the-abortion-cases-that-could-force-el-salvador-to-loosen-its-ban [aljazeera.com]
    https://www.bbc.com/news/magazine-24532694 [bbc.com]

    Earlier this year, the plight of lupus sufferer Beatriz, 22, attracted international condemnation after the Supreme Court refused to authorise an abortion, even though her life was at risk and the foetus too deformed to be viable.
    Beatriz's health deteriorated while the court deliberated for several months. She gave birth at 27 weeks. The baby died within hours.

    But fuck that, they have bitcoins. Those politicians should be put up against a wall. Literally. They deserve it.

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