Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin Adoption Accelerates As El Salvador Passes Monumental Law

by Daily Hodl Staff
June 9, 2021
in Bitcoin, Regulators

El Salvador has made history, becoming the first country in the world to officially adopt Bitcoin as legal tender after Congress approved President Nayib Bukele’s bill.

Early Wednesday morning, a supermajority of the El Salvador legislature voted to pass President Nayib Bukele’s proposal to make Bitcoin a legal currency. Of 84 possible votes, 62 lawmakers voted in favor of the bill, while 19 opposed and three did not vote. 

The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.

62 out of 84 votes!

History! #Btc??

— Nayib Bukele ?? (@nayibbukele) June 9, 2021

Following the announcement, Bitcoin rebounded over 17% from its recent $31,000 low to over $36,500 at time of writing.

Bukele has been an outspoken advocate for Bitcoin since announcing the proposal on Saturday. He hopes that the cryptocurrency will bring financial inclusion, investment, tourism, innovation, and economic development to the nation. 

On Tuesday, he tweeted screenshots of the bill just after sending it to Congress. Article 7 states that all businesses will be mandated to accept Bitcoin for goods and services.

“Every economic agent must accept Bitcoin as payment when offered to him by whoever acquires a good or service.”

However, the government stated that they will serve as collateral for merchants that don’t want to take on the volatility risk associated with crypto. The government plans to set up a $150-million trust at the Development Bank of El Salvador to assume merchants’ risk.

Further, Article 12 details the government’s plan to exclude this obligation for businesses without access to Bitcoin and instead provide education and infrastructure to get these merchants on the Bitcoin network.

“Those who, by evident and notorious fact, do not have access to technologies that allow to carry out transactions in Bitcoin are excluded from the obligations addressed in Art. 7 of this Law. The State will promote the necessary training and mechanisms so that the population can access Bitcoin transactions.”

Salvadorans won’t have to pay any taxes on Bitcoin transactions, and tax contributions can be paid for in cryptocurrency.

Bukele also hinted at the government’s plan to support Bitcoin mining, utilizing volcanic energy. Today on Twitter, he told his 2.6 million followers about his conversation with a local geothermal electric company to ramp up renewable Bitcoin mining.

“I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos. This is going to evolve fast!”

Check Price Action

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Henryk Sadura

Submit a Press Release

Industry Announcements

  • DeFiChain Forms Technical Committee To Further Decentralize the Consensus Code Governance
    May 23, 2022
  • LongHash Ventures Partners With Protocol Labs To Launch the Third LongHashX Accelerator Filecoin Cohort
    May 23, 2022
  • Swappi’s New Launchpad Feature To Bring IDOs to Conflux
    May 20, 2022
  • First Global Web 3.0 Eco Innovation Summit Comes to Singapore
    May 20, 2022
  • Wombat Soars to $40 Million in Total Value Locked While Still at Beta
    May 20, 2022
  • Babel Finance Used Collateralized eNote on FQX’s Solana DApp via Fireblocks
    May 19, 2022
  • Top Solana Play-to-Earn Contender DeFi Land Launches Its First Play-and-Earn Game
    May 18, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$29,091.00
$29,091.00
4.38%
Ethereum
$1,971.25
$1,971.25
3.69%
Cardano
$0.512235
$0.512235
5.93%
XRP
$0.405617
$0.405617
4.39%
Dogecoin
$0.083362
$0.083362
4.05%

Spotlight

  • Bitcoin Gearing Up for a Big Move in the Next Three Months, Says Crypto Strategist – Here Are His Targets
    May 16, 2022
  • CFTC Chief Says Crypto Assets Will Be Divided Into Two Categories in Upcoming Regulation
    May 19, 2022
  • Crypto Analyst Predicts Breakout for Polygon (MATIC), Says Zilliqa (ZIL) and One Low-Cap Altcoin Flashing Strength
    May 22, 2022
  • Federal Judge Says Crypto Anonymity a Myth as US Authorities Charge American in $10,000,000 Sanction Evasion
    May 17, 2022

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX

© 2022 The Daily Hodl