A Bitcoin bill having the goal to make the world’s cryptocurrency classified as ‘legal tender’ has “a 100% chance” to get a pass by the Congress in El Salvador, President Nayib Bukele said today. Bukele’s party has 64 out of 84 seats and is going through the bill, but Bukele says he is going to sign the law “later tonight or first thing tomorrow.” They will know Bitcoin as legal currency and Bitcoin tax will be considered, by new Bitcoin Laws for this popular crypto.
“I’ve just sent the #BitcoinLaw to Congress,” President Bukele tweeted. He attached a copy of the document with his tweet too. He argued about the bill in a public discussion with popular crypto. That happened by fund manager Nic Carter in a Twitter ‘Spaces’ session took part in by over 15,000 people.
El Salvador is a small country in South America. This country is famous for its coffee, tourism, and also manufacturing industry. Moreover, in the past weekend, however, president Bukele publicly made it poblice his goal. His goal is to float a Bitcoin-friendly bill to Congress. The one that sees the world’s largest cryptocurrency (by market cap) become ‘legal tender’ in the country.
‘Legal tender’ is any coin or bill that is acceptable if it presents in payment of a charges in a country. This is unlike real estate or personal properties. (As you know, they can’t be legally exchanged for goods and services).
Bitcoin, define heretofore, has existed either as illegal powerful internet money or as ‘property’ in the eyes of most administrations.
El Salvador Accepts Bitcoin As legal Currency
El Salvador has now changed the situation by accepting Bitcoin as legal currency. As for that will be Bitcoin tax.
Traders in the country can accept Bitcoin just like how they accepted US dollars. By definition, Bukele appears pushed on the promise of what the asset can do. “We not only want to support it [bitcoin], but we want to demonstrate that the world can benefit from it,” he said, adding, “El Salvador is not only a country anymore. It is a symbol of what bitcoin can do.”
At the same time, The people who are interested in moving to the country can look for a some of other benefits.
Bukele tweet this week and said that now they can get tax from capital gains for Bitcoin. Because, now it will be a legal currency. And also, that all crypto businessmen would receive “immediate permanent residence.”