Just a few days after revealing El Salvador’s intention to make bitcoin a legal tender in the country, President Nayib Bukele has announced the approval of the proposed bitcoin bill.
In a tweet today, President Bukele stated that the Salvadoran Congress has given the green light to legalize the use of bitcoin in the country, with a total of 62 out of 84 votes.
The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.
62 out of 84 votes!
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
This officially makes El Salvador the very first country in the world to adopt bitcoin as a legal tender, creating a landmark moment for Bitcoin and the entire cryptocurrency industry.
El Salvador Will Become a Hub for Crypto Entrepreneurs
The announcement of El Salvador’s bitcoin law had attracted the attention of several bitcoin investors and entrepreneurs, including top influential people in the industry like Justin Sun and Changpeng Zhao.
In one instance, Justin Sun, the founder of TRON and CEO of BitTorrent, tweeted that once the bitcoin bill is approved, it will prompt crypto investors to move to El Salvador, considering that bitcoin will then become an official national currency.
With such a bitcoin-friendly environment, crypto businesses will flourish, attracting new investors to the country.
In reply, President Bukele pointed out, among other benefits of moving to El Salvador, that there will be no capital gains charged on bitcoin since it will be a legal tender.
1. Great weather, world class surfing beaches, beach front properties for sale.
2. One of the few countries in the world with no property tax.
3. No capital gains tax for #Bitcoin, since it will be a legal currency.
4. Immediate permanent residence for crypto entrepreneurs. https://t.co/j3eugJQCMd
— Nayib Bukele 🇸🇻 (@nayibbukele) June 6, 2021
At a time when several countries are tightening their regulatory requirements on bitcoin, the news of El Salvador’s bitcoin adoption comes as a relief to the crypto industry.
Although the country is the first to officially adopt bitcoin, some other countries are softening their stance on the crypto asset.
After its long history of hostility against bitcoin, India’s central bank, the RBI has recently annulled the circular that prevented Indian residents from dealing with crypto.
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Author: Obike Favour