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El Salvador is looking to introduce legislation that will make it the world’s first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar
by ncpa-cpl 5y ago
El Salvador is looking to introduce legislation that will make it the world’s first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar.
In a video broadcast to Bitcoin 2021 President Nayib Bukele announced El Salvador’s partnership with digital wallet company, Strike, to build the country’s modern financial infrastructure using bitcoin technology.
- thinkmassive 5y agoThis is good news, but note that Japan already declared Bitcoin as legal tender in 2017 https://www.coindesk.com/japan-bitcoin-law-effect-tomorrow https://www.coindesk.com/japan-bitcoin-law-effect-tomorrow
- kragen 5y agohttps://archive.fo/Gb8Wo https://archive.fo/Gb8Wo It looks like Japan did not, in fact, declare Bitcoin to be legal tender ("a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt"). Rather, it imposed a regulatory regime on Bitcoin exchanges.
- notahacker 5y agoLegal tender, properly defined, means that someone you're in debt to must accept it as means of payment to discharge the debt. Afaik Japanese lenders can still insist on Yen, and almost invariably do I suspect this will be the same (in practice if not in theory). You can pay people in Bitcoin, or if they don't actually want Bitcoin the president's buddy is hyping an app that will let them get USD instead when you send your satoshis...
- teachingassist 5y ago'Legal tender' means that you are [everyone is] obliged to accept bitcoin as a means of settling any debt. (That would be a nightmare - in my opinion, it would at least require some kind of official exchange rate between Bitcoin and yen.)