El Salvador was the First in the World to Legalize Bitcoin As a Means of Payment
OREANDA-NEWS. El Salvador's Legislative Assembly has approved a law allowing bitcoin to be used as the country's legal tender, as the results of the vote show.
Earlier it was reported that the President of El Salvador Nayib Bukele sent the relevant law to parliament for consideration.
As reported on the website of the legislative body, 62 out of 84 deputies voted for the adoption of the law. Thus, El Salvador became the first country in the world to legalize bitcoin as a means of payment.
"We did it," the head of the assembly, MP Ernesto Castro, said on Twitter after the vote. Bukele tweeted: "The bitcoin law was approved by a qualified majority of 62 out of 84!"
According to the adopted law, El Salvador will start using bitcoin as a means of payment along with the US dollar. As the document says, the type of exchange between bitcoin and the dollar will be dictated by the market, all prices can be expressed in bitcoins, and all taxes can be paid with bitcoins.
According to media reports, the law will enter into force 90 days after publication in the country's official gazette.
Earlier, on June 8, the founder of the OTON ecosystem, Anatoly Ille, named the three most popular cryptocurrencies among Russians, placing Bitcoin in first place in terms of demand.