El Salvador Bitcoin Law Making BTC Legal Tender Passes With Supermajority
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....
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President Nayib Bukele’s Bitcoin Law was passed in the Salvadorian congress tonight. The President of El Salvador's bill to make Bitcoin legal tender in El Salvador passed Congress with a supermajority just before 6AM UTC.In a Twitter Spaces conversation that began just after 5AM UTC with 22,000 listeners President Nayib Bukele said he would sign off on the historic law later tonight or first thing tomorrow. “It goes into effect immediately,” he said, clarifying the government would allow 90 days for the infrastructure to be put into place. The #BitcoinLaw has been approved by a....
It has been one year since Bitcoin became legal tender in El Salvador. Crypto adoption has not been without issues in El Salvador, but it’s difficult to weed through the different stories about Bitcoin because there are so many competing interests promoting or FUDing Bitcoin. This article will filter through the nonsense and describe how Bitcoin in El Salvador has panned out one year after it became legal tender. Why El Salvador Made Bitcoin Legal Tender El Salvador made Bitcoin legal tender ostensibly for a few reasons. The government cited the following reasons: A significant portion of....
The International Monetary Fund (IMF) has warned of “a number of macroeconomic, financial and legal issues” surrounding El Salvador making bitcoin legal tender. “Crypto assets can pose significant risks and effective regulatory measures are very important when dealing with them,” an IMF spokesperson cautioned. IMF Sees Issues With Bitcoin Being Legal Tender in El Salvador The International Monetary Fund (IMF) raised a number of economic and legal concerns Thursday regarding El Salvador making bitcoin a legal tender, with equal footing with the U.S. dollar. With the....
Ever since El Salvador passed a bill that was approved by a supermajority in the Salvadoran Congress legalizing bitcoin as legal tender in the nation, the country has remained in the spotlight. Furthermore, there’s an area in El Salvador called “Bitcoin Beach” with a small group of beach villagers that are attempting to leverage bitcoin on a daily basis. El Zonte Beach Town and Surfer Village Attempts to Create a Bitcoin Circular Economy in El Salvador In a region located about 50 miles from the Litoral highway, there’s a small village and a lively surfer community....
Bitcoin remittances to El Salvador jumped more than fourfold in May from the previous year, according to data from blockchain analytics firm Chainalysis. Last week, El Salvador passed a bill making bitcoin legal tender in the country alongside the U.S. dollar. The monthly bitcoin transfers of under $1,000 to El Salvador totaled $1.7 million in May, representing more than a 300% increase from $424,000 the previous year, Reuters reported, citing data from blockchain analytics firm Chainalysis. The monthly bitcoin transfers to the country peaked in March at $2.5 million. While remittances....