El Salvador Has Passed A New Bill To Make Bitcoin A Legal Tender
The proposed bill to make Bitcoin legal cash in the small Central American nation was passed by the Legislative Assembly at roughly 06:05 UTC on Wednesday June 9.
El Salvador’s president has stated that the cryptocurrency Bitcoin would be made legal tender in his country. The Central American country would be the first in the world to formally accept the digital currency if his plan is approved by legislature. El Salvador’s national currency is the US dollar.
Bitcoin is infamous for its extreme price swings, which have led some detractors to conclude that it is unfit to be used as a currency. It is still unclear how El Salvador will implement bitcoin as legal cash in the long run.
President Bukele’s incentives for the Crypto Users
Bitcoin investors will not be subject to capital gains taxes, and cryptocurrency entrepreneurs will be granted immediate permanent residency. Following his recent announcement to declare Bitcoin legal tender in El Salvador, President Nayib Bukele’s incentives for the crypto community have piqued the interest of investors and entrepreneurs alike.
President Bukele retweeted cryptocurrency entrepreneur Justin Sun’s tweet, “Crypto investors and entrepreneurs will start to immigrate to El Salvador!” and highlighted four benefits and privileges for individuals who seek to relocate to El Salvador, particularly for the cryptocurrency community.
Other reasons include “excellent weather, world-class surfing beaches, and beach front properties for sale,” as well as the absence of property taxes.
1. Great weather, world class surfing beaches, beach front properties for sale.
2. One of the few countries in the world with no property tax.
3. No capital gains tax for #Bitcoin, since it will be a legal currency.
4. Immediate permanent residence for crypto entrepreneurs. https://t.co/j3eugJQCMd
— Nayib Bukele 🇸🇻 (@nayibbukele) June 6, 2021
He then announced at 02:06 UTC on June 9 that he had just delivered the proposed bill to the Legislative Assembly and then he declared that the bill had been approved just four hours later. The Legislative Assembly confirmed this a few minutes later.
En la #SesionPlenaria7✍🏻, con 62 votos, #LaNuevaAsamblea aprobó la #LeyBitcoin con la que El Salvador adopta el #Bitcoin como moneda de circulación legal. pic.twitter.com/7IToTmnCwv
— Asamblea Legislativa (@AsambleaSV) June 9, 2021
It all began on June 5, when Zap Solutions Founder and CEO Jack Mallers, who helped in the bill’s drafting, made the announcement at the Bitcoin 2021 conference in Miami. During his speech, Mallers read out a tiny passage from the proposed measure and played a recorded video greeting from President Bukele. Mallers went on to declare that with the support of Blockstream, his company would create an innovation center in El Salvador.
Welcome to the future 🇸🇻 #Bitcoin pic.twitter.com/j30vcZVXvJ
— Nayib Bukele 🇸🇻 (@nayibbukele) June 5, 2021
Bitcoin, according to President Nayib Bukele, will make it easier for Salvadorans foreign nationals to send money back home.
SEC Draws Criticism as it Responds to Ripple’s Letter of Supplemental Authority
Ripple Move 120 Million XRP Tokens Following a Recent Price Hike
Ripple Gets Support from the Former Critic Ryan Selkis, the CEO of Messari
UK Government Brings Greater Clarity to Crypto Industry with New Tax Forms
Bitcoin Beats All Odds: Surges Past $26,000 Despite Looming Banking Crisis
Recent Press Release
Involving Bitcoin For Online Health And Wellness
The continuous discussion of cryptocurrency in the world of Corporate Wellness is initiated with a unit to create awareness. Before...
The Primary Challenges Limiting Bitcoin Adoption
The first step to overcoming any challenge is understanding what is at the heart of the issue. Bitcoin has been...
Why Comparing Bitcoin Prices Saves You Money?
For anyone interested in investing in cryptocurrency, surely the thought of deciding which asset to purchase must be maddeningly hard....
Makler Game. Play the game and learn trading
We want to tell you about an interesting game that has appeared on the Internet and which will not only...
Bitcoin Trading: Advice and Methods for Novices
You could be questioning how to begin trading, whether you’re entirely new to the Crypto assets field or have a...