December 8, 2023

El Salvador enters into force of the law recognizing bitcoin as a means of payment

The country's authorities purchased 400 bitcoins and announced that they will buy even more cryptocurrencies in the near future.

El Salvador President Nyb Bukele announcedbuying by the authorities of the country 400 bitcoins. The first transaction of 200 bitcoins was made yesterday, September 6, on the eve of the entry into force of the law on the legalization of cryptocurrency. Bukele stressed that brokers will buy even more bitcoins in the near future.

“El Salvador bought 200 new coins. We now hold 400 bitcoins, ”wrote Bukele on his Twitter.

Early September Financial CommissionEl Salvador's Legislature has approved a $ 150 million trust fund to support a plan to legalize bitcoin. Funds from the new fund will be used, among other things, to pay bonuses in the amount of $ 30 in bitcoins, which citizens of the country will receive when activating the state cryptocurrency wallet Chiva.

El Salvador passed bitcoin recognition law in summerofficial means of payment, along with the US dollar already used as the currency of this country. From September 7, prices in the country can be set in bitcoins, and taxes can also be paid in cryptocurrency. The bitcoin exchange is not subject to capital gains tax.