El Salvador Engineers Dig New 95MW Geothermal Well to Mine Bitcoin

El Salvador Passes Bill to Acknowledge Bitcoin as Legal Tender

A day earlier, El Salvador’s legislative assembly passed a new bill formally acknowledging and adopting Bitcoin as legal tender in the country. 62 out of 84 possible votes were cast for the bill and Bitcoin will become legal tender in El Salvador in the next 90 days. El Salvador thus becomes the first country in the world, to formally adopt Bitcoin.

Once implemented, every legal business in the country will have to accept Bitcoin as a form of payment for goods and services.

El Salvador has used the US dollar as its official currency since 2001. Bitcoin is not meant to replace the USD but will become a gateway towards financial inclusion in El Salvador where 70% of the citizens do not have bank accounts. With Bitcoin, remittances from abroad – which make up 20% of the country’s GDP – will reach Salvadorians in a more efficient manner.

Furthermore, the new law will exempt Bitcoin from capital gains tax. President Bukele has also promised to provide permanent residency permits to entrepreneurs who invest at least 3 Bitcoin in the country.

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