A few days ago, at the Bitcoin 2021 Conference, a video by Nayib Bukele was shown in which the president of El Salvador said that he was going to bring to the legislature of his country a protection of law aimed at converting Bitcoin into legal currency.
Today, finally, the legislative plenary session of El Salvador has approved the Bitcoin Law. With her, becomes the first country in the world to adopt it as legal tender. This means that from now on, businesses and companies will have to accept Bitcoin as a means of payment. Of course, they can easily convert it to dollars, because automatic conversion is offered.
How to buy Bitcoins safely and without risk
Even so, as our colleagues from Engadget remember, "the number of concurrent transactions it supports [Bitcoin] it is very low. "This fact makes it not ideal to act as legal tender. It only supports 7 transactions per second, compared to 65,000 for Visa, 40,000 for Mastercard or 400 for PayPal.
#Btc🇸🇻 https://t.co/x5r0Td6SiQ- Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
A law whose debate has been followed with the participation of the president on Twitter Spaces
The law has been approved with the votes of 62 of the 84 parliamentarians, and will enter into force 90 days after publication in the Official Gazette. One of the criticisms of the law is that "it is short, and poor in words," according to the lawyer specialized in cryptocurrencies. Cristina Carrascosa placeholder image, and it is that it has been developed in three pages.
You can: pay taxes, refer prices of goods and services in #Bitcoin, therefore, capital gains, capital gains, pay debts and obtain Salvadoran residence are exempted. Everything, with Bitcoin. A historical milestone if it weren't for the fact that it has been done in 3 pages. https://t.co/aS72KJamEX- Cris Carrascosa ⚡️ (@CarrascosaCris_) June 9, 2021
Something that needs to be clarified is that this law only affects Bitcoin, not other cryptocurrencies or blockchain projects. The Government's argument to approve it was to take advantage of Bitcoin as a means of financial inclusion and generate jobs. Now, the president has stated that the Government will buy 150 million dollars in Bitcoin to be managed by the state development bank.
Such was the relevance of the act for the crypto world, that the plenary session was broadcast on Twitter Spaces, with the president himself addressing an audience of up to 20,000 people and having many personalities from this world present, including Jack Dorsey, CEO of Twitter and Square and a great defender of cryptocurrencies.