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What does this mean? Will the government accept BTC for, say, taxes? Will businesses have to/be encouraged to accept BTC?
by solveit 5y ago
What does this mean? Will the government accept BTC for, say, taxes? Will businesses have to/be encouraged to accept BTC?
- el-salvador 5y agoYup, exactly that. We also use the US Dollar as main currency since 2001.
- mandelbrotwurst 5y agoIf debts are denominated in dollars, do you know how it will be determined how many Bitcoin would suffice for repayment (and vice versa)?
- TimJRobinson 5y agoThey're going to have a reserve fund of BTC / USD to make exchanging easy, and I'd assume that will have a rate that most merchants use.
- londons_explore 5y agoWill $150million USD be a big enough reserve? Assuming anyone can exchange against that, I can imagine that being wiped out in just a few hours of a bitcoin whale deciding they want to cash out...
- nly 5y agoThey can control the spread on exchanging against their reserve
- el-salvador 5y agoWe have not received much information, but from what I understand, the accounting currency would continue to be the USD.