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• buzzy_hacker 5y ago
  The article uses the words legal tender and says “ The new law means every business must accept Bitcoin as legal tender for goods or services, unless it is unable to provide the technology needed to do the transaction.”
• sadfasf122 5y ago
  All merchants are mandated to accept it.
• quickthrower2 5y ago
  This seems to be the new news that congress approved it?
• jasonlaramburu 5y ago
  How are businesses expected to deal with the high transaction fees (>$5 last time I checked)? The minimum wage in El Salvador is $300/month. Even lightning network wallets must make periodic on-chain transactions. Also most crypto exchanges charge a minimum fee for any withdrawals. These costs seem like a significant burden to place on a developing country's small and informal businesses.
• brickmort 5y ago
  Not a dupe. The earlier thread from 3 days ago is about the announcement that a bill would be proposed to make bitcoin legal tender. This thread is from the news from several hours ago that the bill officially passed into law by Salvadoran Congress.
• mnw21cam 5y ago
  That's not what legal tender means in all parts of the world. For instance, in England and Wales, legal tender has an extremely narrow definition - it means that a law court has to accept it for the payment of a debt. Legal tender doesn't apply to people who aren't law courts, and legal tender only applies to past debt - it doesn't apply to future payments such as a purchase at a shop. It looks (from the news articles) that it has a broader definition in El Salvador, but unless one is an expert in that country's law, it would be best not to make claims about it. If someone is an expert, I'd love to hear what the actual facts are.