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

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) by Anonymous Coward on Thursday June 10 2021, @08:36AM

    by Anonymous Coward on Thursday June 10 2021, @08:36AM (#1143834)

    Yes, I really do believe that they thought this through. "They" as in "people with power" which does not neccessarily coincide with "people forming the government".

    While bitcoin is not really anonymous (as we know here), it's still a lot cheaper, safer, more resilient(!) and convenient than moving your money through the banking system.