El Salvador, Becomes the
First Country, to Adopt Bitcoin
as Legal Tender.
On June 9, lawmakers in
El Salvador’s Congress voted in
favor of the Bitcoin Law.
ABC reports that the law,
sent to Congress earlier that day
by President Nayib Bukele, received
62 out of 84 of the legislature's votes. .
The price of bitcoin was reportedly
driven up 5% to $34,239.17 shortly
following news of the vote.
According to ABC, "prices can now be shown in bitcoin, tax contributions can be paid with the digital currency"...
... "and exchanges in bitcoin will
not be subject to capital gains tax.".
According to the law,
70% of El Salvadorians
do not have access to
traditional financial services.
ABC reports bitcoin is
seen as a way to increase the
country's financial inclusion