Bitcoin as an official currency of Elsalvador

El Salvador is the first country to adopt Bitcoin as an official currency, with its president saying “We consider that the use and adoption of technology is crucial for the development of our society”.

Home » Bitcoin as an official currency of Elsalvador

The legislation is part of a larger package of reforms that the government hopes will help stimulate the economy. The bill itself was co-sponsored by each legislator in the assembly, which is unusual for this usually divided country. The law states that businesses will now be able to accept Bitcoin as payment for goods and services without having to pay taxes on it. Individuals exchanging fiat into cryptocurrencies will also be exempt from sales tax.

The new legislation also promotes the use of the blockchain technology on which Bitcoin is based. It's going to be interesting to see the next plans of ElSalvador and especially the new Bitcoin city.

El Salvador is taking huge steps to adopt new technologies, especially those that are meant to lower their currency's dependence on oil. The legislation is part of a larger package of reforms that the government hopes will help stimulate the economy. The bill itself was co-sponsored by each legislator in the assembly, which is unusual for this usually divided country. The law states that businesses will now be able to accept Bitcoin as payment for goods and services without having to pay taxes on it. Individuals exchanging fiat into cryptocurrencies will also be exempt from sales tax.

Until now, Bitcoin has been considered an asset used for money laundering by El Salvador's government. This new legislation is intended to help change that, and is part of a larger move by the country to incorporate new technology into its economy. The president of El Salvador, Nayib Bukele, tweeted that the law was made “to boost our economy” and “open up opportunities”.

New Alt Coins
3.8 rating
GHNY: Stake and Earn + New Comer
3.0 rating
IMT: Exercise and Earn + Community

4.0 rating
XWG: Play and Earn
3.5 rating
MED: Healthcare
3.3 rating
NXS: Stake and Earn + Internet development