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It's also a bit ill-timed as Bitcoin is "now a fiat currency", if you go by El Salvador's wiki page
by ludamad 5y ago
It's also a bit ill-timed as Bitcoin is "now a fiat currency", if you go by El Salvador's wiki page
- wsc981 5y ago> It's also a bit ill-timed as Bitcoin is "now a fiat currency", if you go by El Salvador's wiki page It's probably timed right now by the Dutch CPB because El Salvador accepted BTC as a fiat currency.
- phire 5y agoThat makes it "Legal Tender" in Salvador, but not fiat. It's a bit of a weird situation. Normally when a currency is legal tender and not fiat it's backed by a physical resource, like gold or silver. But here it's only backed by software and people agreeing that it has value. Kind of puts bitcoin in its own unique category.
- bidirectional 5y agoA fiat currency is issued by a government without being backed by a physical commodity. El Salvador's adoption of Bitcoin does not make it a fiat currency.
- imtringued 5y agoI think this is in reference to a US law that states that a "currency" adopted by a foreign country is not classified as an asset but as a currency. This has tax implications but I don't know the details.