27.8 C
Munich
Sunday, June 20, 2021

El Salvador adopts Bitcoin as legal tender!

Must read

Brand New Tab by Samsung Galaxy A7 Comes Out in the Market

Samsung Galaxy Tab A7 Lite and Galaxy Tab S7FE have launched in India as promised. The tablet appeared on the world market a few...

China Considers Lifting All Childbirth Restrictions by 2025!

Chinese administrators are drafting ideas to extricate further birth limitations and transformation toward strategies that explicitly promote pregnancy. According to people close with the...

Africa sees 44% spike in new Covid infections, 20% increase in deaths!

Some nations in Africa see a frequently disturbing increase in Covid cases, and the figures don’t describe the exact extent of the outbreak. Nevertheless, World...

Priyanka Chopra Jonas, Megan Rapinoe join Victoria’s Secret!

According to the new spokespeople, Victoria's Secret is bidding farewell to its Angels and greetings to players, activists, and artists as the lingerie label. The...

El Salvador becomes the first country to adopt bitcoin as a legal tender after passing a legislation bill. Lawmakers in this central American voted wholeheartedly in favor of bringing bitcoin into the country. Lawmakers cast 62 votes in favor of legal tender out of 84 legislature votes.

After the voting concluded, the price of bitcoin rose from 5% to $34,239.17. President of El Salvador Nayib Bukele has earlier sent the law to Congress for approval. “The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the law reads.

Now the citizens can pay their taxes with digital currency bitcoin. There will be no capital gain tax in exchanges using bitcoin currency; bitcoin price value changes every hour. According to the experts, this digital currency is not suitable for everyday use.

El Salvador has not revealed how the implementation of bitcoin will take place after passing the law. Also, the exchange rate will be freely established with the US dollar exchange rate by the market as the country uses the same currency that is US dollars.

The law stated by the government also reveals that there will be proper procedures and training to promote bitcoin transactions in the future. About 70% of El Salvador citizens do not have access to traditional financial services, as stated in the Bitcoin Law. Bitcoin will increase the financial inclusion of the country.

President Bukele announced to pass the law after El Salvador struck his deal with digital wallet company Strike to strengthen the country’s financial infrastructure using bitcoin technology.

The digital currency has been all-time high this year with the price of $64,829.14. There was a steep decline, but it has been rising for the last 12 months like never before.

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Brand New Tab by Samsung Galaxy A7 Comes Out in the Market

Samsung Galaxy Tab A7 Lite and Galaxy Tab S7FE have launched in India as promised. The tablet appeared on the world market a few...

China Considers Lifting All Childbirth Restrictions by 2025!

Chinese administrators are drafting ideas to extricate further birth limitations and transformation toward strategies that explicitly promote pregnancy. According to people close with the...

Africa sees 44% spike in new Covid infections, 20% increase in deaths!

Some nations in Africa see a frequently disturbing increase in Covid cases, and the figures don’t describe the exact extent of the outbreak. Nevertheless, World...

Priyanka Chopra Jonas, Megan Rapinoe join Victoria’s Secret!

According to the new spokespeople, Victoria's Secret is bidding farewell to its Angels and greetings to players, activists, and artists as the lingerie label. The...

OnePlus and Oppo Might Be Merging Together Find Out What this Entails

OnePlus has done a lot since the launch of the OnePlus One in 2014. But since OnePlus One was founded alongside Oppo, the company...