Bitcoin (BTC) Is Officially a Legal Tender in El Salvador, Offers Permanent Residency with 3 BTC
As a report has it, El Salvador has now officially made Bitcoin (BTC), the largest cryptocurrency by market capitalization, a legal tender.
This was announced a few hours ago by Nayib Bukele, the President of the country, via his official Twitter handle.
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According to Bukele, 62 out of 84 votes went in favor of the proposal. So, for Bitcoin to be accepted as a legal tender in the country implies that no one has the right to refuse BTC for payment.
Although a lot of countries have many providers accepting Bitcoin (BTC), El Salvador becomes the first country to do so on a national level.
The new development further legitimizes Bitcoin (BTC) as a currency and many experts believe that this has set the tone for others to follow.
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Nayib Bukele tweeted, “The Bitcoin Law has been approved by a supermajority in the Salvadoran Congress. 62 out of 84 votes! History!”
The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.
62 out of 84 votes!
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
Permanent Residency with 3 BTC
During a live audio conversation hosted within “Spaces” on Twitter, President Nayib Bukele revealed that El Salvador would grant permanent residency for immigrants with 3 BTC worth $102,164 at the time of filing this report.
According to Bukele, the government will launch a BTC wallet for its citizens, but people are can use any wallet of their choice.
Additionally, the President said the country will be running a trust fund, which will hold relatively $150 million worth of BTC to circumvent the volatility. So, merchants won’t have to take any risk.
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However, as stated by Bukele, there is no intention to de-dollarize El Salvador despite the push for cryptocurrency:
“We are not trying to de-dollarize because it won’t serve us any purpose…It’s gonna help having both currencies as legal tender.”
He has also planned to have a conversation with the International Monetary Fund this week. He’s also suggested that a mining facility be set up to use geothermal energy from volcanoes.
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