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Bitcoin has had an incredible journey over the past decade, and things could improve in the months and years to come. El Salvador took the first step by becoming the first country in the world to make Bitcoin legal tender.
Bitcoin (BTC) is now legal tender in El Salvador
The main cryptocurrency has become official legal tender in El Salvador. The country’s parliament passed the bill earlier today, making it the first country in the world to make such a decision.
President Nayib Bukele sent the law to Congress, and it was passed, with 62 of 84 members voting for it. Thanks to this latest development, the Bitcoin use case in El Salvador has grown.
The law states that its goal is to regulate cryptocurrency as an unrestricted bidding process that provides liberating power to the citizen. Salvadoran businesses can now display the prices of their goods and services in BTC, and customers can also pay for them using the main cryptocurrency. Residents of El Salvador can pay their taxes in BTC, and not all Bitcoin exchanges are subject to capital gains tax in the country.
The Salvadoran government will now embark on a project to provide the necessary training and mechanisms that would help its citizens access Bitcoin transactions. El Salvador decided to make Bitcoin legal tender due to the lack of financial services in the country. Currently, around 70% of residents do not have access to financial services. With Bitcoin, anyone can send and receive money and also pay for goods and services with ease.
The president submitted the bill to Congress after revealing last weekend that he intended to make Bitcoin legal tender. The price of Bitcoin is up 4.5% since this morning’s announcement.
More and more Latin American countries want to support cryptocurrencies
Latin America looks like the center of cryptocurrency adoption. With El Salvador in the lead, other countries in the region are looking to support cryptocurrencies in a variety of ways. The leaders of Argentina, Panama, Paraguay, Brazil, Mexico and Colombia are said to favor supporting cryptocurrencies to varying degrees.
The story continues
This article originally appeared on FX Empire
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