Home Bitcoin News El Salvador Passes Bill Declaring Bitcoin (BTC) as Legal Tender

El Salvador Passes Bill Declaring Bitcoin (BTC) as Legal Tender

Bitcoin El Savador Legal

The Communications Secretariat of the Presidency of the Republic of El Salvador announced:  The Legislative Assembly of El Salvador on early Wednesday voted to pass a bill which declared Bitcoin as legal tender.  Thus, El Salvador becomes the first nation to adopt a cryptocurrency as legal tender.

The USD will continue to be a legal tender in El Salvador. The use of BTC will be optional and the adoption of BTC as legal tender will go in to law in 90 days.

On June 9, 2022, El Salvador Congress approved a bill making Bitcoin legal tender in the country.

El Salvador is a country in Central America. El Salvador leads the region in remittances per capita and the inflows are equivalent to nearly all export income, which is about a third of all households receive these financial inflows.

Remittances from Salvadorans living and working in the United States sent to family members in El Salvador are a major source of foreign income and it offsets the substantial trade deficit.  Remittances have had positive and negative effects on El Salvador.

Without remittances, Salvadorans living in extreme poverty will increase to 37%. The education levels have gone up, wage expectations have gone up.  Many Salvadorans are not anymore willing to take jobs which pay them less than what they receive monthly from their family members abroad. Money from remittances has contributed to increased prices for certain commodities like real estate.  Thus, Salvadorans abroad are able to afford higher prices for houses in El Salvador than local Salvadorans.

Onlookers response was like:  I’m seriously looking forward for someone in El Salvador to open a Bitcoin Lightning Channel with my Node in Switzerland.

How can I help? I’m from El Salvador.

So, the transactions are brewing.

About those who did not vote:  I think these are the boomers who voted against bill, just tell them el pres they ngmi.

The people who are not Clapping probably vote against this.  Those 22 people.

A bitcoin Maximalists were like:  Well done El Salvador! With honor and courage you have lead the world towards a future of peace and prosperity. From the humble shores of @Bitcoinbeach the God given right of every person to own their time and labor have been affirmed. God Bless El Salvador.

This is a historic day for humanity headed by tiny but brave country El Salvador congratulations from your brothers from Philippines.

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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