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El Salvador one step closer to Bitcoin as a means of payment

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El Salvador’s President’s Bill, Bitcoin (BTC) legal tender in El Salvador was passed through Congress by a large majority.

In a Twitter Spaces conversation with 22,000 listeners, President Nayib Bukele said he would sign the historic law later that evening or first thing tomorrow.

“It will take effect immediately,” he said, making it clear that the government had 90 days to set up the infrastructure for it.

He said all companies would have to accept bitcoin. “You are legally obliged to accept it,” said Bukele about the dealers in the country. “If you go to Mexico, they have to take pesos too.”

“In El Salvador, Bitcoin will be just as legal tender as the US dollar.”

He announced that he would meet with the International Monetary Fund on Thursday. The government will also issue an official Bitcoin wallet (but it will not be mandatory). The government plans to hold $ 150 million worth of Bitcoin in a trust fund in their development bank to take on the traders’ risks.

Anyone who invests 3 BTC in El Salvador can get a permanent residence permit. When asked if the country would add Bitcoin to its reserve, he said there are no immediate plans in this regard:

“I don’t know. It’s developing very quickly. We are not ruling out the possibility that we will soon have Bitcoin in our reserves.”

The president said he hadn’t thought about mining bitcoin yet. But he is quite open to Bitcoin mining with renewable energies.

The bitcoin bill was a bill tabled this morning after Bukele tweeted, “I just sent the bitcoin bill to Congress”. He has also uploaded copies of the template in Spanish and English.

“The purpose of this law is to regulate Bitcoin as unrestricted legal tender with liberating power, unlimited in every transaction and for every title that public or private natural or legal persons must carry out,” as it says in the draft law.

The draft law contains a list with several proposals. These include, for example, the elimination of capital gains tax on BTC, tax payments in BTC and the proposal that economic operators must accept BTC as a means of payment if it is “offered by someone who purchases goods or services”.

According to the draft law, the state should provide the infrastructure so that Bitcoin users can immediately convert BTC into US dollars if necessary. In addition, the state will provide “training and mechanisms” to help citizens who are new to Bitcoin. Because many still have to learn how to use digital currency.

Bukele changed his Twitter profile picture after his last announcement. It has blue laser eyes on it instead of the red ones you normally see on this iconic crypto meme.

Bukele’s progressive crypto move has impressed politicians across Latin America. They have made their own crypto suggestions or have shown themselves on Twitter with red laser eyes.

On Monday, Paraguayan Congressman Carlitos Rejala posted laser eyes and promised a Bitcoin announcement later this week.

The following day, Mexican Senator Eduardo Murat Hinojosa revealed that he wanted to “promote and propose a legal framework for crypto-coins in the Mexican House of Commons”.

Gabriel Silva, a Panamanian congressman, has also announced plans and wanted to submit a pro-crypto bill on the same day.

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