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El Salvador Becomes the First Country to Adopt Bitcoin As Legal Tender

Posted by Thomas DeMichele on June 9, 2021 in News

El Salvador has officially adopted Bitcoin as legal tender. According to a new law, Bitcoin can be used to pay taxes and must be accepted by all merchants.^[1]

This decision, favored by President Nayib Bukele, passed with 62 out of 84 possible votes.

Despite the adoption, the US dollar will also remain legal tender. This law gives the option, but not the mandate of using Bitcoin as legal tender in El Salvador.

Bitcoin will begin being used as legal tender will begin in 90 days and its value will be set by the market and denominated in USD.

Article Citations

In a world first, El Salvador makes bitcoin legal tender. Reuters.com.

Author: Thomas DeMichele

Thomas DeMichele has been working in the cryptocurrency information space since 2015 when CryptocurrencyFacts.com was created. He has contributed to MakerDAO, Alpha Bot (the number one crypto bot on Discord),...

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