{"id":192455,"date":"2021-06-09T06:52:45","date_gmt":"2021-06-09T05:52:45","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=192455"},"modified":"2021-06-09T11:08:48","modified_gmt":"2021-06-09T10:08:48","slug":"bitcoin-is-now-legal-tender-in-el-salvador","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-is-now-legal-tender-in-el-salvador\/","title":{"rendered":"Bitcoin is now \u2018legal tender\u2019 in El Salvador"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\"><span style=\"font-weight: 400;\">Bitcoin<\/span><\/a><span style=\"font-weight: 400;\"> bill aiming to make the world\u2019s cryptocurrency classified as \u2018legal tender\u2019 has \u201ca 100% chance\u201d to passed by the Congress in El Salvador, President Nayib Bukele said today.<\/span><\/p>\n<p>Bukele's party has 64 out of 84 seats and is going through the bill, but Bukele says he will sign off on the law &#8220;later tonight or first thing tomorrow.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">El Salvador has officially passed the bill that makes bitcoin legal tender in the country.<\/p>\n<p>A historic day for humanity.<\/p>\n<p>&mdash; Pomp ? (@APompliano) <a href=\"https:\/\/twitter.com\/APompliano\/status\/1402477711449280520?ref_src=twsrc%5Etfw\">June 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Going legal<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u201cI\u2019ve just sent the #BitcoinLaw to Congress,\u201d President Bukele wrote earlier today, attaching a copy of the document (<\/span><i><span style=\"font-weight: 400;\">see below<\/span><\/i><span style=\"font-weight: 400;\">). He later discussed the bill in a public conversation with popular crypto fund manager Nic Carter in a Twitter &#8216;Spaces' session attended by over 15,000 people.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I\u2019ve just sent the <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinLaw?src=hash&ref_src=twsrc%5Etfw\">#BitcoinLaw<\/a> to Congress ?? <a href=\"https:\/\/t.co\/DljnxsXlyt\">pic.twitter.com\/DljnxsXlyt<\/a><\/p>\n<p>&mdash; Nayib Bukele ?? (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1402446890466217985?ref_src=twsrc%5Etfw\">June 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">El Salvador is a small nation in South America, known mainly for its coffee, tourism, and manufacturing industry. The past weekend, however, saw president Bukele publicly announce his intention to float a Bitcoin-friendly bill to Congress, one that sees the world\u2019s largest cryptocurrency (by market cap) become \u2018legal tender\u2019 in the country.<\/span><\/p>\n<h2><strong>Bitcoin: From magic money to serious money<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u2018Legal tender\u2019 is any coin or banknote that can be accepted if offered in payment of a debt in a country. This is different from real estate or personal assets (they can\u2019t be legally exchanged for goods and services).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin, so far, has existed either as illegal magic internet money or as \u2018property\u2019 in the eyes of most jurisdictions. No country has accepted the currency as legal tender, but El Salvador has now changed that.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Merchants in the country can accept Bitcoin similar to how they accepted US dollars. As such, Bukele seems pumped on the promise of what the asset can do. \u201cWe not only want to support it [bitcoin], but we want to demonstrate that the world can benefit from it,\u201d he said, adding, \u201cEl Salvador is not only a country anymore. It is a symbol of what bitcoin can do.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u201cWe not only want to support it [bitcoin], but we want to demonstrate that the world can benefit from it. El Salvador is not only a country anymore. It is a symbol of what bitcoin can do.\u201d &#8211; <a href=\"https:\/\/twitter.com\/nayibbukele?ref_src=twsrc%5Etfw\">@nayibbukele<\/a><\/p>\n<p>&mdash; Pomp ? (@APompliano) <a href=\"https:\/\/twitter.com\/APompliano\/status\/1402495512314585089?ref_src=twsrc%5Etfw\">June 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, those interested in moving to the country can expect a bunch of other benefits. In a tweet earlier this week, Bukele said that there will now be capital gains tax for Bitcoin as it will be a legal currency, and that all crypto entrepreneurs would receive \u201cimmediate permanent residence.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Bitcoin bill aiming to make the world\u2019s cryptocurrency classified as \u2018legal tender\u2019 has \u201ca 100% chance\u201d to passed by the Congress in El Salvador, President Nayib Bukele said today. Bukele&#8217;s party has 64 out of 84 seats and is going through the bill, but Bukele says he will sign off on the law &#8220;later [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":192480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,11],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin is now \u2018legal tender\u2019 in El Salvador<\/title>\n<meta name=\"description\" content=\"A Bitcoin bill aiming to make the world\u2019s cryptocurrency classified as \u2018legal tender\u2019 has been passed by the Congress in El Salvador today.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-is-now-legal-tender-in-el-salvador\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin is now \u2018legal tender\u2019 in El Salvador\" \/>\n<meta property=\"og:description\" content=\"A Bitcoin bill aiming to make the world\u2019s cryptocurrency classified as \u2018legal tender\u2019 has been passed by the Congress in El Salvador today.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-is-now-legal-tender-in-el-salvador\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-09T05:52:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-09T10:08:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/el-sal-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-is-now-legal-tender-in-el-salvador\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-is-now-legal-tender-in-el-salvador\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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