El Salvador officially legalized bitcoin payments

• El Salvador is the first country in the world to make BTC an official means of payment.
• Alleconomic agents will be required to accept Bitcoin as payment.
• El Salvador will provide the infrastructure for operations with the first cryptocurrency, including a Bitcoin wallet.
• Anyone will be able to obtain a passport as a citizen of El Salvador by investing 3 BTC in the country's economy.

The Legislative Assembly of El Salvador passed a bill onrecognition of bitcoin as an official means of paymentin the country on a par with the US dollar.

Earlier, the President of El Salvador, during a speech at the Bitcoin 2021 conference in Miami, said that he intends to make bitcoin the official means of payment in the country.

At the beginning of the week, he sent the correspondingbill to Congress, and the El Salvadoran Legislative Assembly supported it. 62 parliamentarians agreed to make Bitcoin an official means of payment along with the US dollar, 17 refused. One person abstained.

At the moment, Bitcoin is not yetofficial means of payment. The law must be signed by the president (which will most likely happen very soon), then the relevant information will be published in the official government newspaper, and only 90 days after that the law will come into force.

According to the published version of the bill,Bitcoin can be used to set prices and pay taxes. However, the base currency will still be the dollar. An interesting fact is that transactions with BTC are not subject to capital gains tax, like transactions with any other means of payment. That is, if a person received Bitcoin (for example, bought it), and after a while the value of the coin in dollar terms increased, he will not have to pay capital gains tax.

"Any economic agent is obliged to accept bitcoin if the buyer is willing to pay with it.", the document says.

The exception is situations when the seller does not have the technical ability to accept the first cryptocurrency as payment.

Also the government of El Salvador guaranteesinstant automatic conversion of bitcoin into the US dollar, which will remain the base currency of the state. To do this, the authorities will launch a $ 150 million trust fund to buy a digital asset from the public. The government is also considering storing bitcoin on a balance sheet.

“If a business owner wants to sell hisproducts, he is obliged to accept bitcoin. But if he does not want to take on the risks of pricing, then he has the opportunity to convert the received BTC into dollars. Of course, he could have done it himself on the crypto market, but he also has the opportunity to turn to the government for instant conversion ", - noted the President of the country Nayib Bukele.

He also added that the El Salvadoran authorities intend to develop the Bitcoin mining industry. The state plans to attract mining companies to sell them excess electricity.

El Salvador plans to introduce infrastructure for working with crypto assets, including a Bitcoin wallet. But it is not necessary to use it: each economic entity can choose the desired wallet.

And that is not all.El Salvador intends to develop its own economy through the adoption of bitcoin. Now everyone who wants to obtain the citizenship of the country can do this by investing in the economy in the amount of 3 BTC or more.

"We want Bitcoin users to come to us", noted Bukele.

Whether El Salvador will keep the BTC received as reserves is unknown.

“I cannot answer this question yet, everything is developing very quickly. We do not exclude such a possibility "“, the president said on this occasion.

Apparently, the reaction of the cryptocoossociate to this news was irrelevant, especially the analyst and trader PlanB was impressed:

«Congratulations Nayib and Salvador!! El Savador leads the world to freedom. The name speaks for itself. Other countries will follow this example. The New Renaissance has begun!»

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Bybit	https://bybit.com	7.5
3	OKEx	https://okex.com	7.1
4	Exmo	https://exmo.me	6.9
5	Huobi	https://huobi.com	6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• Platform Features– availability of additional features — futures, options, staking, etc.
• final grade– the average number of points for all indicators determines the place in the ranking.

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