What's new

Welcome

If you already have an account, please login, but if you don't have one yet, you are more than welcome to freely join the community of lawyers around the world..

Register Log in
  • We don't have any responsibilities about the news being sent in this site. Legal News are automatically being collected from sources and submitted in this forum by feed readers. Source of each news is set in the news and a link to its source is always added.
    (Any News older than 21 days from its post time will be deleted automatically!)

Jurist El Salvador becomes first country to accept Bitcoin as legal currency

Status
Not open for further replies.
  • Thread starter
  • Staff
  • #1

Dadparvar

Staff member
Nov 11, 2016
9,744
0
6
El Salvador’s legislature on Wednesday approved President Nayib Bukele’s proposal to adopt Bitcoin as a national legal currency. The approved Bitcoin law protects cryptocurrency with unrestricted liberating power, and allows its unlimited use in any transaction.

Bukele’s cryptocurrency plan aims to boost El Salvador’s economy by integrating the national and international economy through incentives and technology. His plan includes an offer of permanent residency for people who launch Bitcoin-related ventures in El Salvador. According to the presidential plan, Bitcoin will be accepted in all transactions, but will not replace El Salvador’s current official currency (USD).

Legislative members approved the Bitcoin law to increase employment opportunities, and to promote financial inclusion, as currently, some 70 percent of Salvadorans lack bank support. Bukele celebrated the win on Twitter by announcing that the Salvadoran legislature approved his proposed Bitcoin Law by a supermajority with 62 out of 84 votes.

As Forbes recently noted, “Despite El Salvador’s small size, Bukele’s effort is a major milestone in monetary policy history, one with significant ramifications for the global financial system.” Through his economic strategy, Bukele hopes to benefit all Salvadorans, contribute to improved future expectations, and to show that El Salvador is a safe destination to visit and invest in.

The post El Salvador becomes first country to accept Bitcoin as legal currency appeared first on JURIST - News - Legal News & Commentary.

Continue reading...

Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.
 
Status
Not open for further replies.
Top