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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, Touché) by Anonymous Coward on Thursday June 10, @03:34PM (1 child)

    by Anonymous Coward on Thursday June 10, @03:34PM (#1143907)

    bitcoin botherer can't imagine that someone able to understand the math could also understand the inherent scam of the system behind it

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  • (Score: 0, Informative) by Anonymous Coward on Thursday June 10, @03:45PM

    by Anonymous Coward on Thursday June 10, @03:45PM (#1143912)

    The scam is printing currency and giving 90% of it to rich people/companies.

    Btc just siphons off some of that to whoever is informed enough to take advantage.