El Salvador introduces Bitcoin as Legal Cryptocurrency

FULHAM, U.K. - Sept. 24, 2021 - PRLog -- El Salvador is the first country in the world to introduce Bitcoin as legal Cryptocurrency. Every merchant must accept Bitcoin as a means of payment that is technically capable of doing so. Taxes can also be paid in the cryptocurrency.

In El Salvador, the digital currency Bitcoin will be legal tender. The Central American state is the first country in the world to take this step. A corresponding law was passed three months ago and is now coming into force.

It stipulates that every merchant who is technically capable of doing so must accept Bitcoin as a means of payment. Taxes can also be paid in the cryptocurrency. No capital gains tax should be charged on the exchange of Bitcoin. The exchange rate to the US dollar, which is used in El Salvador as an official means of payment instead of a local currency, is to be decided freely by the market.

According to President Nayib Bukele, anyone who downloads the "Chivo" digital wallet receives a starting credit worth 30 US dollars (around 25 euros). There should also be 200 "Chivo" ATMs. At the same time, El Salvador bought 200 more Bitcoin. The country now holds 400 Bitcoin, as the president announced on Twitter.

Bitcoin is the most popular digital currency. It is not controlled by a central bank, but created by a decentralized and extremely energy-intensive computer process. The cryptocurrency is considered an object of speculation and is subject to violent price fluctuations.

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