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posted by martyb on Thursday June 10, @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: 2) by looorg on Thursday June 10, @12:13PM (2 children)

    by looorg (578) on Thursday June 10, @12:13PM (#1143855)

    I don't think this will turn El Salvador into some bitcoin paradise, I doubt anyone from the western world would be willing to move down there and build their bitcoin mansion. But who knows perhaps some of those bitcoin super-evangelists will put their digital wallet to the test. But I very much doubt it.

    I wonder if some drug cartel made a sizeable donation or two or however many it takes. Must make it a lot easier to wallet your drug money home if the currency of choice has been made the legal tender of the nation. Now they can hide it among all the remittances from normal people. Cause overall from the article this seems to be more about making it easier for El Salvadorians abroad to send money home to the people that are still stuck there, it's a basic source of income for a lot of countries in their situation. This way they are trying to cut all the fees etc that comes from international banking or money transfers ala Western Union etc. Still considering how volatile the bitcoin market appears to be I'm not sure this is what I would like to use if sending home money to parents and siblings -- it's almost like gambling, you could be sending enough, or enough could turn into a pittance or a megajackpot win. You never know. This could happen with normally currency to but perhaps somewhat less so and often.

    I guess a lot of El Salvadorians are about to be bitcoin scammed.

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  • (Score: 0) by Anonymous Coward on Thursday June 10, @01:44PM (1 child)

    by Anonymous Coward on Thursday June 10, @01:44PM (#1143879)

    How does one shutdown a mixer if it is also a whole country?

    • (Score: 2) by maxwell demon on Saturday June 12, @12:24AM

      by maxwell demon (1608) on Saturday June 12, @12:24AM (#1144423) Journal

      By installing a new government there. Would not be the first time for the US to do such a thing.

      The Tao of math: The numbers you can count are not the real numbers.