Bitcoin Is Now A Legal Currency in El Salvador

62 out of the 84 legislative members voted in favor of the bill to make Bitcoin a legal currency in El Salvador.

June 9, 2021 | AtoZ Markets – There was a very important development during the day regarding the legalization of Bitcoin (BTC), which was the most talked about topic of last weekend.

At the 2021 Bitcoin Conference, El Salvador’s President Nayib Bukele announced that he would present a proposal to parliament that would make Bitcoin a legal tender in his country. The bill, which was presented to the parliament by the president during the day, was accepted.

The bill, which was later sent to Congress, was approved by receiving 62 of the 84 votes, and the leading cryptocurrency Bitcoin became a valid legal currency in El Salvador.

The 2021 Bitcoin Conference was at the top of the economic agenda with the big news announced on the closing day . At the conference, which had a wide participation and decisions that could significantly affect the future of Bitcoin and other cryptocurrencies, El Salvador President Nayib Bukele announced that he would present a proposal to the parliament that would make Bitcoin a legal currency in his country. With the adoption of this proposal at the El Salvador Congress on the new day, El Salvador became the first country to accept Bitcoin as a legal tender.

Bitcoin bill legalized in El Salvador

El Salvador’s President Nayib Bukele shared important information on the subject in a live chat on Twitter. Bukele stated that people who invest 3 Bitcoins in their country will get a residence permit in El Salvador. He also announced that the government will create a trust fund with $150 million worth of BTC to prevent users from being harmed. Stating that this move was not made to prevent dollarization, Bukele said that both the dollar and Bitcoin can be used as a legal currency.

Stating that he also has projects on mining, the president announced that Bitcoin mining can be done with cheap and clean volcanic energy. bouquet, He also stated that with the adoption of Bitcoin, new economic opportunities will be created and its citizens will not have to immigrate illegally to the United States. Anthony Pompliano, co-founder of Morgan Creek Digital, one of the well-known names in the crypto money markets, said that this development is also very good for the US.

With the adoption of the bill, citizens of El Salvador will be able to use Bitcoin to pay for any transaction without any restrictions. Likewise, taxes can be paid in BTC. The government will also help private organizations adapt to the new system.

BTC price is recovering

Bitcoin, which started the new week with a very large decline, started to rise again as of this morning. With the news from the Bitcoin Conference over the weekend and Elon Musk tweets, BTC showed a fluctuating chart. The leading cryptocurrency fell to the level of $31,000 yesterday. BTC, which has risen with the news of El Salvador on the new day, is trading at $34,021 at the time of writing.

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