The world’s first country legalized bitcoin as a means of payment

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The world’s first country legalized bitcoin as a means of payment

11.06.2021 News

El Salvador was the first in the world to legalize bitcoin as an official means of payment. Such a law was passed by the country’s parliament.

62 parliamentarians supported the bill, 19 voted against, and three abstained. President Nayib Bukele intends to sign the law soon, after which it will take effect “immediately”.

Thus, accepting bitcoin for payment will become mandatory, and the most popular cryptocurrency will become a means of payment along with the US dollar. El Salvador guarantees instant automatic conversion of bitcoin into US dollars. To do this, the government will launch a $ 150 million trust fund to buy cryptocurrency from the public. The government is also considering keeping bitcoin on its balance sheet.

According to Nayib Bukele, the law will oblige all businesses to accept bitcoin to pay for goods or services. At the same time, the government will act as a support for organizations that do not want to take risks due to the unstable cryptocurrency rate.

In the coming days, officials from the El Salvador government will meet with IMF officials to discuss the situation.

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