An asset for all classes: What to expect from Bitcoin as a legal tender
New tech that reduces costs of international payments would “be a boon for poor countries that rely on remittances” — but will BTC as legal tender fix that? For much of its life, Bitcoin (BTC) has been viewed mainly as a speculative financial instrument, but El Salvador’s dramatic move in making BTC a legal tender is a reminder that cryptocurrencies can play a role in uplifting the world’s less-well-off citizens.Two surprising facts emerged on the global stage at the start of June: First, 70% of El Salvador’s population do not have bank accounts, and second, remittances — i.e., money sent....
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Bitcoin will become legal tender in El Salvador alongside the U.S. dollar in seven days. The Salvadoran government has released a video explaining what to expect when the Bitcoin Law enters into force. The video features the government’s fee-free crypto wallet, Chivo. Government’s Video Explaining What to Expect When Bitcoin Becomes Legal Tender The Bitcoin Law in El Salvador will come into effect on Sept. 7 when BTC will become legal tender alongside the U.S. dollar. Salvadoran President Nayib Bukele tweeted a video explaining what to expect, including the benefits of using....
The bill to make bitcoin legal tender in El Salvador has been approved by a supermajority in the Salvadoran Congress. “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 bill describes. Bill to Make Bitcoin Legal Tender Approved by Congress in El Salvador The bill to make bitcoin legal tender has passed Congress in El Salvador. President Nayib Bukele announced via Twitter early Wednesday morning: “The....
A Canadian government official has said bitcoin is not considered legal tender in the country, according to a report in the Wall Street Journal. "Only Canadian bank notes and coins are recognized as legal tender in Canada. Bitcoin digital 'currency' is not legal tender in Canada," the official reportedly wrote in an email. The official from the Department of Finance, who was not named in the article, went on to say the federal government and Canadian regulators would "continue to monitor developments involving virtual currencies" but would not say whether the government would officially....
Republicans show less support for recognizing Bitcoin as legal tender than Democrats, and baby boomers think its a dreadful idea. A new poll has found that 27% U.S. residents support the government recognizing Bitcoin as legal tender.According to a poll from research and data analytics firm YouGov, 11% of respondents “strongly support” the idea that Bitcoin should be used as legal tender in the United States and a further 16% of respondents would “somewhat support” it.The poll, which queried 4,912 U.S. residents, indicated that a larger number of Democrat respondents support the....
"You can buy gold, diamond, crypto, but that will have not have the value authorization by government," said T.V. Somanathan. T.V. Somanathan, the finance secretary for the Indian government, is reportedly pushing back against the narrative that cryptocurrencies will be widely accepted in the country — by dismissing the possibility of using them as legal tender.According to a Wednesday tweet from Asian News International, Somanathan said that a digital rupee backed by the Reserve Bank of India, or RBI, will be accepted as legal tender, but major cryptocurrencies have no chance of doing so.....