Crypto

El Salvador lawmakers vote to approve bitcoin as legal tender

Last Updated: June 9, 2021 at 7:03 a.m. ET

First Published: June 9, 2021 at 3:58 a.m. ET

By Barbara Kollmeyer and Callum Keown

Bitcoin prices steady after recent tumble

"President Nayib Bukele tweeted in the early hours of Wednesday that legislators had voted in favor of the bill to formally adopt bitcoin with 62 out of a possible 84 votes."

"Hours earlier he announced on Twitter TWTR, 2.11% that he had just sent the Bitcoin Law to Congress. Article 1 of that reads: “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 law also states that prices can be expressed in bitcoin, taxes can be paid in the cryptocurrency and “every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service.” As well, the exchange rate between bitcoin and the U.S. dollar will be “freely established by the market,” the document read."

Full article: https://www.marketwatch.com/story/el-salvador-becomes-first-nation-to-approve-bitcoin-as-legal-tender-11623225500?mod=home-page

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