El Salvador became the first country to legalize bitcoin

The Parliament of El Salvador, by a majority vote, approved a bill by President Nayib Bukele, granting bitcoin legal tender status.

62 out of 84 members of the Legislative Assemblysupported the draft law, which is awaiting the president's signature to complete the approval procedure. Nayib Bukele, who is the author of the document, plans to do so today.

According to the English translation of the bill, published on the president's Twitter, it obliges every organization to accept Bitcoin as payment forgoods, works and services, and also allows you to use the first cryptocurrency for paying taxes and excludes it from the list of objects of taxation for capital gains.

The government will assist the private sector inintegrating new settlement mechanisms, will create a trust fund at the Development Bank of El Salvador to provide instant conversions to US dollars for businesses, and educate the public on how to use digital currencies. Citizens will be able to store their assets in any convenient wallet.

The president's office also talked about plans to provide tax breaks for Bitcoin-focused companies.

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