3 ms·

Bitcoin is a legal tender in El Salvador for all transactions and tax payments

17 points by zapdrive 5y ago

Salgat 5y ago
This is a proposal being sent to Congress, it's not actually law yet.
- gwicks56 5y ago
  it's already been voted on and passed. Comes into effect in 90 days I believe.
  - otoburb 5y ago
    It hasn't passed yet. The vote is in five minutes. You're right that the law would come into effect in 90 days, based on El Salvador's president's tweet of the bill translated in English.[1] [1] https://twitter.com/nayibbukele/status/1402446890466217985 https://twitter.com/nayibbukele/status/1402446890466217985 EDIT: The bill was approved (62 AYE / 22 NAY).[2][3] [2] https://twitter.com/nayibbukele/status/1402507380710051840 https://twitter.com/nayibbukele/status/1402507380710051840 [3] https://twitter.com/elsalvador/status/1402507585807433728 https://twitter.com/elsalvador/status/1402507585807433728
    - el-salvador 5y ago
      It was approved by congress this midnight, next step is for it to be signed by the president and published in the National Register (Diario Oficial).
janandonly 5y ago
All businesses must now accept payments in bitcoin also (next to US Dollars). I can see why they would want to adapt to ₿. The remittance companies like Western Union have the audacity to ask for 20% (no joke) when sending money from say the US to El Salvador. ₿ transactions over Lightning or over Liquid are virtually free. Quite a difference for a poor country!
- zapdrive 5y ago
  Lol, that's a joke right? Lightning network is more centralised than federal reserve.
WalterGR 5y ago
https://news.ycombinator.com/item?id=27408683 https://news.ycombinator.com/item?id=27408683
ezoe 5y ago
One lawyer pointed out that this introduce an interesting issue within Japanese law which explicitly exclude any foreign currencies as cryptocurrency. So Bitcoin is considered not a cryptocurrency in the definition of the current law.
Proven 5y ago
So what? It's a shit currency and its highly unlikely anyone uses it.

17 points by zapdrive 5y ago

Salgat 5y ago

This is a proposal being sent to Congress, it's not actually law yet.

gwicks56 5y ago
it's already been voted on and passed. Comes into effect in 90 days I believe.
- otoburb 5y ago
  It hasn't passed yet. The vote is in five minutes. You're right that the law would come into effect in 90 days, based on El Salvador's president's tweet of the bill translated in English.[1] [1] https://twitter.com/nayibbukele/status/1402446890466217985 https://twitter.com/nayibbukele/status/1402446890466217985 EDIT: The bill was approved (62 AYE / 22 NAY).[2][3] [2] https://twitter.com/nayibbukele/status/1402507380710051840 https://twitter.com/nayibbukele/status/1402507380710051840 [3] https://twitter.com/elsalvador/status/1402507585807433728 https://twitter.com/elsalvador/status/1402507585807433728
  - el-salvador 5y ago
    It was approved by congress this midnight, next step is for it to be signed by the president and published in the National Register (Diario Oficial).

janandonly 5y ago

All businesses must now accept payments in bitcoin also (next to US Dollars). I can see why they would want to adapt to ₿. The remittance companies like Western Union have the audacity to ask for 20% (no joke) when sending money from say the US to El Salvador. ₿ transactions over Lightning or over Liquid are virtually free. Quite a difference for a poor country!

zapdrive 5y ago
Lol, that's a joke right? Lightning network is more centralised than federal reserve.

WalterGR 5y ago

https://news.ycombinator.com/item?id=27408683 https://news.ycombinator.com/item?id=27408683

ezoe 5y ago

One lawyer pointed out that this introduce an interesting issue within Japanese law which explicitly exclude any foreign currencies as cryptocurrency. So Bitcoin is considered not a cryptocurrency in the definition of the current law.

Proven 5y ago

So what? It's a shit currency and its highly unlikely anyone uses it.