El Salvador Becomes First Country to Approve Bitcoin!!
Over the last month, bitcoin had a rollercoaster ride. Once tesla tease with the value climbing, the EV maker dropped BTC pricing, the cryptocurrency tumbled down 37% over the last month and at the time of writing.
However, president Nayib Bukele has followed through on this campaign promise to make the cryptocurrency legal tender, alongside the US dollar. In 90days, the cryptocurrency can be used as payment for goods or services unless a business does have the capabilities to accept it.
El Salvador will be able to show prices in bitcoin, and they will also be able to make tax contributions with the digital currency, and exchanges in bitcoin will not be subjected to capital gains tax.
Few people in the US have tried to make payment with bitcoin but have not been able to achieve this. El Salvador tried to approve cryptocurrency economies before taking this step.
Last year two small beach towns El zone and punta mango, formed Bitcoin economies last year, accepting it for groceries and utility payments.
El Salvador partnered with a digital wallet company to ensure it has all infrastructure needed for its bitcoin push.
El Salvador’s president also announced that people who invest bitcoin in El Salvador will get the country citizenship. People investing three bitcoin in the country’s economy will be given citizenship by the government.
