President Nayib Bukele’s bill to make Bitcoin a legal tender in the Republic of El Salvador has been successfully approved. In a tweet, Bukele revealed that 62 of 84 Congress members supported the Bitcoin Law, making “History”.
The law aims to “regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out.”
After Bitcoin becomes legal tender, El Salvador merchants will be mandated to accept the crypto as payment. Additionally, the government plans to keep $150 million worth of Bitcoin in a trust fund to bear merchants’ risks. Also, the El Salvadoran government will be launching an official Bitcoin wallet.
El Salvador will be awarding citizenship to people who invest 3 BTC into the country’s economy.
In response to the possibility of including Bitcoin in the country’s reserve, the president said there are no immediate plans. He stated:
“I don’t know this is evolving very fast. We’re not ruling out having Bitcoin in our reserves in the near future.”
Earlier, Bukele revealed the plan to legalize BItcoin as a legal tender while speaking in a video podcast at the 2021 Bitcoin conference in Miami.
Image Credits: Pixabay
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