The bill to make Bitcoin legal tender in El Salvador has been passed by an absolute majority of the El Salvador Congress. “The purpose of this law is to regulate Bitcoin as an unrestricted legal tender, have free power, be unrestricted in any transaction, and have any ownership required by a public or private natural or legal person to execute,” the bill describes Tao.
El Salvador’s Congress approves the Bitcoin legal tender bill
The bill to make Bitcoin legal tender has been passed in the Salvadoran Congress.President Naib Bukler Announce Via Twitter on Wednesday morning: “The Bitcoin law has been approved by an absolute majority in the Congress of El Salvador. 62 out of 84 votes. History.”
The bill is Sent to parliament Late Tuesday night; it contains 16 articles. Article 1:
The purpose of the law is to supervise Bitcoin as an unrestricted legal currency, have free power, be unrestricted in any transaction, and have any ownership required by public or private natural or legal persons.
The bill details that the exchange rate between Bitcoin and the U.S. dollar “will be freely determined by the market” and that “prices may be expressed in Bitcoin.”
In addition, “taxes can be paid in Bitcoin,” the bill added, stating: “Bitcoin transactions will not be subject to capital gains tax, just like any legal tender.” In addition, anyone who provides goods and services Must accept Bitcoin as payment.
Article 12 states that “people who cannot obtain the technology that allows bitcoin transactions are excluded from the obligation to accept bitcoin as payment”. “The state will promote the necessary training and mechanisms so that people can conduct Bitcoin transactions.”
Article 14 explains:
Before the law goes into effect, the state will establish a trust in the Bank of El Salvador (BANDESAL) to ensure that Bitcoin is automatically and instantly exchanged for the US dollars necessary for the alternatives provided by the state.
According to the bill: “The decree will take effect ninety days after it is published in the official gazette.” The full bill can be found Here.
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