NewsEl Salvador adopts Bitcoin as legal tender

El Salvador adopts Bitcoin as legal tender

(SAN SALVADOR) – El Salvador became the first country in the world to adopt Bitcoin as legal tender after Congress approved a proposal by President Nayib Bukele to do so.

With 62 out of 84 possible votes, lawmakers gave the green light after midnight to create the law and to adopt Bitcoin, despite concerns about the potential impact on El Salvador's program with the International Monetary Fund.

Bukele has touted the use of cryptocurrency for its potential to help Salvadorans living abroad send remittances back home, while ensuring that the US dollar will continue as legal tender as well.

The president, who sent the initiative to legislators, said that this law will help create jobs in the short term and will favor the financial inclusion of thousands of people who are outside the formal economy.

The law passed at midnight establishes that all prices may be expressed in Bitcoin and that all tax contributions may be paid in cryptocurrency, but that, for accounting purposes, the dollar will be kept as the reference currency.

Bitcoin was trading at $ 35,216.77, according to data from Refinitiv Eikon.

Its use as legal tender in El Salvador will take effect in 90 days, with the Bitcoin-dollar exchange rate set by the market.

Take it: 1 out of 10 Mexicans has cryptocurrencies, and 20% of them are...

Mexico ranks 15th out of 26 countries in digital currency adoption, according to Finder's Cryptocurrency Adoption report.

Cyber attack on Binance adds up to a value of 570 mdd

The world's largest cryptocurrency platform suffered a cyberattack on Thursday afternoon; the firm detailed that they stole tokens from a blockchain "bridge" used on the BNB chain,

Wall Street indexes rise 3% on optimism about monetary policy

The specialists indicated that in general this is a welcome and reasonable rebound in the stocks, since the markets have been under pressure in recent weeks.

What will happen to Bitcoin after its crash in 2022

After losing more than two-thirds of its value since November, what will happen to bitcoin? Could it fall further? This is forecast by analysts.

The Ukrainian army advances after the fall of the Russian stronghold in the Kharkov...

President Volodymyr Zelensky hailed the offensive as a potential breakthrough in a war that has already lasted six months.

More