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| Citizens will be able to use the bitcoin to pay taxes, purchase goods and services, and repay loans, a government spokesman said. |
San Salvador (paper News Latest. NNI. June 11, 2021)
El Salvador is going to be the first country in the world to accept bitcoin as a legal currency. A government spokesman said the Latin American country had a law allowing citizens to use bitcoins for everything, including paying taxes, purchasing goods and services and paying off debts.
The move is the result of efforts by Vice President Buckley, who said it would help those who do not have access to banks or who want to send money abroad. The plan was approved on the night of June 8 and was announced by the president during the Bitcoin Conference in Miami.
In El Salvador, the bitcoin will become the official currency within three months and will be able to compete with the US dollar, which is currently the only currency in the Latin American country. However, its status will remain the same. He said that citizens should consider bitcoin as wealth instead of dollar, however, the law states that citizens can exchange both currencies at any time and US dollar will be used as the reference currency.
Although every citizen will be able to use bitcoin under the law, it will not be mandatory for those who do not have access to technology. The law states that the government will provide the necessary training and procedures for the use of bitcoin in the population. Surprisingly, El Salvador is not among the top 10 countries in bitcoin mining, accounting for 0.00%. Has been instructed to
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