June 15, 2021

El Salvador is the first country to legalize payments in BTC

El Salvador is the first country to legalize payments in BTC

El Salvador has passed a law that makes bitcoin legal tender in the country.

Sentence, nominated by the President of El Salvador Nayyib Bukele, supported by a majority - 62 out of 84 votes. Nineteen abstained and three were absent.

Now the bill is awaiting the president's signature, which is likely to happen today.

The Bitcoin Law sets out three main points:

  • BTC can be used to pay taxes;
  • At the time of Bitcoin pricing, the “settlement currency” is the US dollar;
  • Bitcoin capital gains tax is eliminated.

The law also states that "every legal entity must accept payments in bitcoin at the request of the client." Moreover:

The country will provide alternatives that allowusers to conduct transactions in bitcoin and instantly convert it to US dollars at will. Citizens will be able to take courses that will help them learn how to conduct transactions.

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According to the materials www.theblockcrypto.com