El Salvador: First to Accept Bitcoin

El Salvador will be the first to include Bitcoins as legal tender in the whole world. With 62 out of 84 votes, this is now a law in the country. The law asks companies to start accepting Bitcoins as a payment option. People can use it to pay government taxes. The exchange rate will depend on the market and will be exempted from capital gains tax.

President Nayib Bikele is the forerunner of this campaign and said that this will have a positive impact on the country’s economy. It will help those who are residing abroad and sending money to the native land. This would improve the country’s financial inclusivity, and stability, especially after the long Civil War.

The government stated that the US dollar will continue to be a legal tender, just like Bitcoin.