‘Bitcoin Law’ Receives El Salvador Congress Majority Vote! - Kakiforex.com - Financial Market Media No. 1 in the World ‘Bitcoin Law’ Receives El Salvador Congress Majority Vote! ‘Bitcoin Law’ Receives El Salvador Congress Majority Vote!

June 9, 2021

‘Bitcoin Law’ Receives El Salvador Congress Majority Vote!

 The ‘Bitcoin Law’ proposed by El Salvador’s president Nayib Bukele is now officially a valid tender after receiving a congressional majority vote in the country.

Based on a tweet by Bukele just now, the number received was 62 out of 84 votes. This makes epic history for the crypto sector for the first time!

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

The bill outlines several things:

Main objective: To make Bitcoin a legal tender without any limitation of authority, not limited in any transactions and any activities carried out by legitimate public or private persons.

Prices can now be attached alongside bitcoin rates, tax collection can also be implemented using digital currency and exchanges in bitcoin will not be subject to any capital gains tax.

How, due to the volatile Bitcoin price uncertainty, it is still uncertain how El Salvador will fully launch bitcoin as a legitimate tender.

However, the government will not hesitate to promote the necessary training and mechanisms so that the people can easily access the use of bitcoin.

In any case, the proposal still needs to go through the El Salvador legislative process before being ratified as official law.

Following the announcement, Bitcoin (BTC) rebounded more than 3% to its current price of $ 34,041. This gives hope to the crypto market which is already showing some recovery.