Select Page

El Salvador Passes the Bitcoin Law In Congress, President Nayib Bukele to Meet the IMF Soon

El Salvador Passes the Bitcoin Law In Congress, President Nayib Bukele to Meet the IMF Soon
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

Latin American country El Salvador is scripting a new history today! El Salvador President Nayib Bukele recently announced that the Bitcoin Law has been officially passed in the Salvadoran Congress with a strong majority of 62 votes.

This makes El Salvador the first country to officially accept Bitcoin (BTC) as a legal tender alongside USD in the country’s financial system. The Bitcoin Law will come into effect in the next 90 days. In the Clubhouse Spaces room, President Nayib Bukele was sharing the room with some of the top Bitcoin proponents as the law was being signed.

The President said that he is planning to meet the IMF (International Monetary Fund) ahead of this week on Thursday, June 11. This will be a crucial meeting as it will decide the course of change in the global financial system. During the recent announcement, the El Salvador President said that making Bitcoin a legal tender will provide a major boost to the country’s economy and this is in no way the step taken for de-dollarization.

As said, El Salvador will take 90 days to implement the Bitcoin-based legal payment system. Once in place, all merchants operating in the country will have to accept Bitcoin payments. The El Salvador government will operate a Bitcoin wallet for the same. What’s more exciting is the permanent residency in El Salvador is now available for 3 BTC.

Details of El Salvador’s Bitcoin Bill

Since the Bitcoin Law is now being passed, all consumer goods prices shall now be available in BTC along with the U.S. Dollar. Similarly, tax contributions will be paid all in Bitcoin and the exchanges for BTC won’t be subjected to capital gains tax. As the law 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”.

As per the proposed law, the BTC exchange rate with the U.S. Dollar shall be freely established by the market. The law also notes that El Salvador will “promote the necessary training and mechanisms so that the population can access bitcoin transactions.”

The Bitcoin Law states that BTC will serve the role of financial inclusion as 70% of the El Salvador population still uses cash.

The post El Salvador Passes the Bitcoin Law In Congress, President Nayib Bukele to Meet the IMF Soon appeared first on Coingape.


Source: Coingape


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own here


Select Sub Category


All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber

Recent Comments