First country makes Bitcoin legal tender

– The El Salvador Legislative Assembly became the first country to pass a law making the cryptocurrency Bitcoin legal tender in the country just days after President Nayib Bukele made the proposal at a Bitcoin conference. The digital currency can be used in any transaction and every business must accept payments in Bitcoin, except for those who lack the technology to do so, the AP reports. The U.S. dollar will continue to be the currency of El Salvador and no one will be forced to pay in Bitcoin, according to legislation passed late Tuesday. The exchange rate between the two currencies is set by the market and all prices can be expressed in Bitcoin – however, for accounting purposes the dollar will still be the reference currency.

“Any restaurant, hairdresser, bank … anything can be paid for in US dollars or Bitcoin, and no one can refuse to pay,” said Bukele in a one-hour social media meeting with thousands of US Bitcoiners like that The bill will be debated in the El Salvador Congress on Tuesday evening. The government will promote training for people to transact with Bitcoin. In addition, Bukele said anyone who invests three bitcoins – currently around $ 105,000 – in El Salvador is entitled to permanent residence. The opposition lawmaker Rodrigo Ávila of the conservative Arena party complained that the law had not been sufficiently discussed by the legislative assembly before it was passed. There was no testimony from economic or cybercrime experts.

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