A Bitcoin law aimed at classifying the world’s largest cryptocurrency as „legal tender“ has „a 100% chance“ of being passed by Congress in El Salvador, President Nayib Bukele said.
& # 8222; I just sent the #BitcoinLaw to Congress“, wrote President Bukele yesterday morning and attached a copy of the document (see below). He later discussed the law in a public conversation with popular crypto fund manager Nic Carter in a Twitter„ Spaces & # 8220; session attended by over 15,000 people.
El Salvador is a small nation in South America, known primarily for its coffee and tourism. Last weekend, however, President Bukele announced his intention to introduce a Bitcoin-friendly bill to Congress that would make the world’s largest cryptocurrency (by market capitalization) a „legal tender“ in the country.
Bitcoin: From magic to legal Money
A & # 8222; legal tender“ is any coin or banknote that can be accepted when offered to pay a debt in a country. This is different from real estate or personal assets (they can not be legally exchanged for goods and services).
Bitcoin exists so far either as illegal, magical Internet money or as „property“ in the eyes of most jurisdictions. No country has accepted the currency as legal tender, but El Salvador has now changed that. Traders in the country can accept Bitcoin, similar to the US dollars.
& # 8222; We want it [bitcoin] not only support, but we want to show that the world can benefit from it & #8220;, he said, adding: & # 8222; El Salvador is no longer just a country. It is a symbol of what bitcoin can do.“
Meanwhile, those who are interested in moving to El Salvador can expect a number of other benefits. In a tweet earlier this week, Bukele said that there will now be a capital gains tax on Bitcoin as it will be a legal currency and that all crypto entrepreneurs would receive „immediate permanent residence.“
Text credit: cryptoslate