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Altavador is the first country to accept bitcoin as a legal tender
Its recently struggling bitcoin received a strong thumbs up from El Salvador on Wednesday, when lawmakers in the Central American nation voted to approve cryptocurrency as a legal tender. It is believed to be the first country in the world to do so.
Vice President Bokel tweeted early Wednesday that members had voted in favor of the bill to formally adopt the bitcoin, with 62 votes out of a possible 84. “History BTC!” They said.
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
Hours earlier, he had announced on Twitter that he had just sent Bitcoin to Congress. Article 1
“The purpose of this law is to regulate bitcoin as an independent power, unlimited in any transaction, and as a regular legal tender under any title that would require public or private natural or legal persons to perform. Is.”
The law also states that prices can be expressed in bitcoin, taxes can be paid in cryptocurrency and “every economic agent must accept bitcoin as a payment when someone receives a good or service.” Is.” At the same time, the exchange rate between the bitcoin and the US dollar “will be set freely by the market,” the document said.
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
President of El Salvador announced at @TheBitcoinConf that he is introducing a bill to make #bitcoin legal tender in the country. This is a major development in the history of monetary policy. https://t.co/fkhuKfNWkR via @YouTube
— Avik Roy (@Avik) June 6, 2021
In a Twitter thread a few days ago, Bokel described the bitcoin as a legal tender, including that it could help many people in their country who return home regularly. He said 70% of the population does not have a bank account and works in the “informal economy”.
#Bitcoin has a market cap of $680 billion dollars.
If 1% of it is invested in El Salvador, that would increase our GDP by 25%.
On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.
— Nayib Bukele 🇸🇻 (@nayibbukele) June 6, 2021
El Salvador could be the first of many countries to adopt the Blue Coin as a legal tender, according to Matthew Lee Merle, managing partner of the fund’s Venture Capital Fund’s blockchain coin investors.
“We expect a lot of governments in smaller countries to embrace the bitcoin. They do not shy away from issues such as their currency claiming the global reserve currency, their central bankers are able to move into the markets and their banks have to be protected as global leaders.
He added, “For smaller countries, the bitcoin is a superior solution to its fiat currency in many ways.
However, some have raised the volatility of the world’s No. 1 crypto asset as a potential concern for Salvadoran, which could be eliminated with daily use of the bitcoin.
Genuine thought about El Salvador. 👇
This is a great step for Bitcoin, however how can we protect people in El salvador from bitcoin price volatility?
This will be a real problem for people using it to do business or on a daily basis.
— Remi Tetot (@Remi_NGMI) June 9, 2021
The bitcoin will be formally legal tender 90 days after its display at the country’s diorama official, in which all the documents ordered by law are published.
The cryptocurrency traded modestly at $ 34,112. The bitcoin has lost about ٪ 37 in one month and 39 in three months, far from its peak of over ڈالر 64,000 in April.
San Salvador Bitcoin is set to become a legal tender in El Salvador, with the country’s president saying he is the first nation to adopt a cryptocurrency for everyday use.
Lawmakers in the Central American nation’s Congress passed a bill late Tuesday night that would make the popular fluctuating digital currency popular for many aspects of daily life, from property purchases to tax contributions. Will be easy to use.
The “bitcoin” has been approved by only one eligible majority in the Legislative Assembly. , Vice President Bokel tweeted after the vote late Tuesday.
“History!” The president added.
The 39-year-old leader said a majority of 62 of the 84 lawmakers approved the bill, which he proposed just last week.
The law was passed with the support of Buckle’s allies, despite minority opposition parties – who criticized the speed of the vote – refusing to support it.
Cryptocurrencies have grown in popularity due to their use as a stock of value, the relatively anonymous anonymity they offer to consumers and the wild price fluctuations that far outweigh investing in the world’s regular stock exchanges. Offer profit opportunities.
Bitcoin’s volatility – currently valued at ، 33,814 – and its ridiculous legal status have raised the question of whether it can ever replace the traditional currency in daily transactions.
But El Salvador. A small nation with four out of 10 people living in poverty – has been drawn to the top corrupt assets that billionaires like Elon Musk and big financial companies like PayPal have used to boost their remittances. What is support? Dependent economy.
El Salvador’s main currency is the US dollar, and it is not yet clear how the country plans to implement the bitcoin as a viable currency.
Yet the Salvadorian leader called the virtual currency a “fast-growing path” to transfer billions of dollars in remittances and prevent millions of people from being left without intermediaries.
Overseas Salvadoran remittances represent a large part of the economy – about 22 percent of GDP.
According to official reports, remittances to the country in 2020 were 9 5.9 billion.
Ahead of the vote, Bokel said the adoption of the cryptocurrency would lead to “financial inclusion, investment, tourism, innovation and economic growth” in the country.
“It simply came to our notice then
“We will be more attracted to foreign investment,” said Romeo Orbach, vice president of the Grand Alliance for National Unity Party, an ally of Buckley.
From Wal-Mart to Silicon Valley, the cryptocurrency market surpassed tr 2.5 trillion by mid-May 2020, driven by increasingly serious investor interest.
Between early 2020 and mid-April, between a peak of 64,870, the value of the bitcoin increased by about 800,800%.
But since then, the cryptocurrency has fallen in value by more than 50%.
Its value has plummeted to a symbolic 30,000 threshold that it has not crossed since January, and as a result, other cryptocurrencies are dragging on.
After Tuesday’s vote, the price jumped more than five percent. Repoetrd By