Bitcoin To Rival US Dollar As A Free-Use Currency With Historic First Legal Tender
In a historic first for cryptocurrencies, the Legislative Assembly of El Salvador has officially registered the much-anticipated Bitcoin bill into law, giving Bitcoin the status of legal tender for day-to-day transactions and government expenditure.
Termed the “Bitcoin Law”. the new bill received 62 votes at today’s session of the El Salvador Legislative Assembly, almost 2 hours after the South American country’s President, Nayib Bukele, announced that he had introduced a draft of the bill to the Assembly for consideration.
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With the new BTC regulation, El Salvador is the first country to recognize Bitcoin as a legal tender, a feat that also puts the world-famous cryptocurrency on par with the U.S. dollar as a currency of free use and mandatory acceptance throughout the Salvadorian country.
El Salvador becomes first country to make Bitcoin a legal tender
All businesses in the country will be required to accept Bitcoin payment, except those without the technical capabilities. Author: MARCOS ALEMAN Associated Press Published: 5:54 PM EDT June 9, 2021 Updated: 6:33 PM EDT June 9, 2021
SAN SALVADOR, El Salvador El Salvador’s Legislative Assembly has approved legislation making the cryptocurrency Bitcoin legal tender in the country, the first nation to do so, just days after President Nayib Bukele made the proposal at a Bitcoin conference.
The digital currency, originally created to be money out of the control of governments, can be used in any transaction and any business will have to accept payment in Bitcoin, with the exception of those lacking the technology to do so. The U.S. dollar will also continue to be El Salvador’s currency and no one will be forced to pay in Bitcoin, according to the legislation appro
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