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

Accepted submission by Freeman at 2021-06-09 17:00:11 from the what goes down must come up dept.
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https://arstechnica.com/tech-policy/2021/06/bitcoin-now-legal-tender-in-el-salvador-first-nation-to-adopt-cryptocurrency/ [arstechnica.com]

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 [reuters.com] 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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