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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: 2) by JoeMerchant on Thursday June 10 2021, @04:16PM

    by JoeMerchant (3937) on Thursday June 10 2021, @04:16PM (#1143919)

    A government that makes a sudden crypto or e-currency move like this, is a government that was already on the ropes.

    Like the city of Miami?

    They say BTC gains won't be taxed as capital gains, I guess that also means that BTC losses will not be deductable?

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