El-Salvador accepts Bitcoin as legal tender
El-Salvador now accepts bitcoin as legal tender in a move to encourage investment, tourism and wealth creation. After announcing the proposed bill last week, President Nayib Bukele confirms it has now passed through congress with the intention to also explore geothermal volcanic mining. As it is considered legal, it must be accepted everywhere within 90 days. BTC is up 8.03% as of this morning. Below is an excerpt of the legislation, translated in english (errors may occur).
DECRETE No. THE LEGISLATIVE ASSEMBLY OF THE REPUBLIC OF EL SALVADOR, CONSIDERING: I. That, in accordance with article 102 of the Constitution of the Republic, the State is obliged to encourage and protect private initiative by creating the conditions necessary to increase national wealth for the benefit of the greatest number of inhabitants; II. That by Legislative Decree No. 201, published in the Official Gazette No. 241, Volume 349 of 22 December 2000, the United States dollar was adopted as the legal tender currency. III. That approximately 70 per cent of the population does not have access to traditional financial services. IV. That it is the State's obligation to facilitate the financial inclusion of its citizens in order to better guarantee their rights. v. That in order to stimulate the country's economic growth, it is necessary to authorize the circulation of a digital currency the value of which obeys exclusively free market criteria, in order to increase national wealth for the benefit of the greatest number of inhabitants. VI. That in accordance with the previous recitals it is essential to issue the basic rules that will regulate the legal course of bitcoin.
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