The Legislative Assembly of El Salvador passed a law that will make bitcoin a legal currency. In the early morning of this Wednesday, the congress gave course to the cryptocurrency in the Central American country. It is the first nation to adopt this long-term value system.
Of course, Venezuela was the first to adopt a state cryptocurrency, its so-called Petro. The regulation obtained 62 of the 84 votes in parliament and will take effect 90 days after its enactment. The project was introduced in the session without further legislative discussion.
The law establishes bitcoin “as legal tender, unrestricted with liberating power, unlimited in any transaction.” The regulation allows the use of public or private natural or legal persons. The exchange between bitcoin and the dollar will be established “freely by the market”.
The legislation indicates that every economic agent must accept it as a form of payment. The action will depend on what “It is offered by whoever acquires a good or service”. The rule specifies that the executive will create the institutional structure necessary for the circulation of the cryptocurrency.
German wave indicates that the initiative only establishes bitcoin and not other cryptocurrencies. Opposition parties voted against the bill. The deputy Rodrigo Ávila pointed out that it is “a volatile monetary mechanism and its use generates a serious situation if the pertinent measures are not taken ”.
– Legislative Assembly (@AsambleSV) June 9, 2021