El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 134.

Vishnu.Reang

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Quote from: DdmrDdmr on June 09, 2021, 06:05:50 AM

Just a minor addition to the fact that the bill has been passed and approved: It will come into effect in 90 days time, which is an ambitious timeframe for such a large change. Being so, article 12 of the bitcoin law states that those business that cannot adapt their technological infrastructure to accepting bitcoin, will not be obliged to accept bitcoin. The state, nevertheless, will promote the necessary mechanisms to allow the population to access bitcoin TXs.

Article 12 is therefore an exit side door to escape from being forced to accept bitcoin in the given 90 day timeframe, but if all goes well, it should only be a temporary escape whilst businesses adapt.

This is a real first case scenario for an all-out countrywide bitcoin adaption, and all eyes will be on the playing ground.

See:
(approved bitcoin law – in Spanish) https://twitter.com/hashtag/LeyBitcoin?src=hashtag_click

https://www.information-age.com/el-salvador-becomes-first-country-to-adopt-bitcoin-as-legal-tender-123495550/

Wow!!! That was quick.

When the news about announcement from the president came, I was thinking that it will be some empty rhetoric and it may never be implemented. But I was proven wrong. They have moved very fast on this. And I guess this is the reason why Bitcoin prices have shot up by 15% during the last 24 hours. I would compare this news to the one we had last year, when PayPal became the first major payment processor to integrate Bitcoin to its platform. And I hope many more countries will follow the example set by El Salvador.

o_e_l_e_o

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Quote from: DdmrDdmr on June 09, 2021, 06:05:50 AM

See:
(approved bitcoin law – in Spanish) https://twitter.com/hashtag/LeyBitcoin?src=hashtag_click

So in addition to defining bitcoin as legal tender, the law also states that the government will accept bitcoin for all taxes, confirms that bitcoin will not be subjected to any capital gains tax, and that the government are going to provide necessary training and equipment to allow everyone in the country to access bitcoin, exchange bitcoin, and transact with bitcoin. Very interestingly, Article 13 means that all already existing debts can be paid in bitcoin. So potentially people could swap to paying off mortgages, loans, cars, etc. by using bitcoin, and the banks must accept it.

There is no way El Salvador will be the only country to do this. Others will follow, and maybe soon. What a time for bitcoin.

amishmanish

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Quote from: DdmrDdmr on June 09, 2021, 06:05:50 AM

This is a real first case scenario for an all-out countrywide bitcoin adaption, and all eyes will be on the playing ground.

See:
(approved bitcoin law – in Spanish) https://twitter.com/hashtag/LeyBitcoin?src=hashtag_click

https://www.information-age.com/el-salvador-becomes-first-country-to-adopt-bitcoin-as-legal-tender-123495550/

Here's the translations:

Congratulations all. Lets make this work.

Now the real challenge is for Jack Mallers and team to setup the infrastructure and make LN reach everyone and work for everyone. Blockstream and hopefully, prominent Bitcoiners will be joining in on the effort. From hereon, it is not about what El Salvador can do for Bitcoin but what Bitcoin can do for El Salvador.

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

Just a minor addition to the fact that the bill has been passed and approved: It will come into effect in 90 days time, which is an ambitious timeframe for such a large change. Being so, article 12 of the bitcoin law states that those business that cannot adapt their technological infrastructure to accepting bitcoin, will not be obliged to accept bitcoin. The state, nevertheless, will promote the necessary mechanisms to allow the population to access bitcoin TXs.

Article 12 is therefore an exit side door to escape from being forced to accept bitcoin in the given 90 day timeframe, but if all goes well, it should only be a temporary escape whilst businesses adapt.

This is a real first case scenario for an all-out countrywide bitcoin adaption, and all eyes will be on the playing ground.

See:
(approved bitcoin law – in Spanish) https://twitter.com/hashtag/LeyBitcoin?src=hashtag_click

https://www.information-age.com/el-salvador-becomes-first-country-to-adopt-bitcoin-as-legal-tender-123495550/

DeathAngel

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Amazing news but this is only the beginning for bitcoin. We have gone from nothing to a country accepting bitcoin as legal tender in 12 years, it is a real success story. I have a feeling other South American nations will follow very soon.

virtualdn

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Quote from: Kittygalore on June 09, 2021, 05:22:18 AM

Quote from: virtualdn on June 09, 2021, 04:45:06 AM

What more prove do you need? BTC will hit the $1xx,xxx mark and then the 1M! It's only a matter of time folks! Stop spending money on sh!tcoins!

@DooMAD who cares about Tesla? Cheesy

I hope your hyping of the prices is true because we are going to be passing through a lot of numbers before the million dollar mark and 100k is still a pipe dream that we haven't reached yet but it doesn't matter because I will have bitcoin no matter what happens because I don't want to see it empty handed.

For me reaching the $1xx,xxx mark is as sure as there is water at the Poles. It will happen no doubts!

As for $1M this will obviously need a few more years (maybe up to 10) but in the short to medium term we will see the fruits of $1xx,xxx-$2xx,xxx per coin, isn't that just great?? Sell high, buy low, great times to get rich!

Kittygalore

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Quote from: virtualdn on June 09, 2021, 04:45:06 AM

What more prove do you need? BTC will hit the $1xx,xxx mark and then the 1M! It's only a matter of time folks! Stop spending money on sh!tcoins!

@DooMAD who cares about Tesla? Cheesy

I hope your hyping of the prices is true because we are going to be passing through a lot of numbers before the million dollar mark and 100k is still a pipe dream that we haven't reached yet but it doesn't matter because I will have bitcoin no matter what happens because I don't want to see it empty handed.

mindrust

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That's is great news. El Salvador citizens are the world's most special people right now. Being able to use the ultimate currency and the store of value asset as the national currency is something I am jelly of.

I've done some research and I found out that El Salvador is a great country. That decision makes me want to become an El Salvador citizen. <3 El Salvador.

You did great comrades, you made Che Guevara proud.

virtualdn

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What more prove do you need? BTC will hit the $1xx,xxx mark and then the 1M! It's only a matter of time folks! Stop spending money on sh!tcoins!

@DooMAD who cares about Tesla? Cheesy

DooMAD

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Leave no FUD unchallenged

I guess that's official, then. Multiple sources reporting it has passed. We'll see if there's a snowball effect and whether this changes any paradigms. Well done, El Salvador!

Quote from: molsewid on June 09, 2021, 03:28:43 AM

This is now a great news for bitcoin despite of the banning of bitcoin in China and the cancellation of Tesla to bitcoin as a mode of payment.

Do Tesla have any dealerships in El Salvador? If so, they might have to accept BTC there whether they like it or not, heh.

JayJuanGee

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Self-Custody is a right. Say no to"Non-custodial"

The formulation of the bill and the discussion in the El Salvador congress does seem to be coming along.

Guy Swan just read the latest draft of the bill in his podcast.. so we can hear some of the details of what the bill says (for those of us who either do not like to read or would prefer to hear it read out loud).

Here's a link to Guy Swan's reading of the bill and some comment from him, too (its about 12 and a half minutes in length).

Bitcoin Audible: Bitcoin Law - The El Salvador Legal Tender Bill

molsewid

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Quote from: Shasha80 on June 08, 2021, 11:44:05 PM

Japan has already legalized Bitcoin, even according to a friend of mine who lives there. Lots of merchants accept Bitcoin payments,
even in Japan there are also Bitcoin ATM machines. That's because the Japanese government supports Bitcoin, then now there is good
news from El Salvador being the first country to use Bitcoin as a legal tender. This is good news that can encourage other countries to do
the same. Hopefully in the near future there will be more countries that legalize Bitcoin, at least that's the hope of the crypto community.

I do hope that this countries will serve as an example to other countries who were still not open minded in the legal adoption of bitcoin to be legally circulating in their economy. This is now a great news for bitcoin despite of the banning of bitcoin in China and the cancellation of Tesla to bitcoin as a mode of payment. Despite of all bad circumstances of bitcoin I believe that there are other country that sees the worth and value of bitcoin. And I hope one of these days our country will adopt it too legally.

janggernaut

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El salvador will become the new history of bitcoin. After 10,000 bitcoin pizza known by people, now El salvador will be known as the first country to accept bitcoin legal tender. Congratulations!

verita1

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Bravo! El Salvador has made history looking for its future with bitcoin!

Quote

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

62 out of 84 votes!

History! #Btc🇸🇻

https://twitter.com/nayibbukele/status/1402507224916836352?s=19

El Salvador’s newspaper today. History has been made. #Bitcoin

https://twitter.com/DocumentingBTC/status/1402507721195282432?s=19

Guys, Pay attention in a few hours Jack Mallers and Nayib Bukele will be interviewed on CNBC where they will explain all the details as Bitcoin will change the lives of the inhabitants of El Salvador.
This is happening and it seems so incredible!
Wow! Impressive! ❤️ Bitcoin

Quote

Congratulations, @nayibbukele.

Congratulations, El Salvador 🇸🇻.

Congratulations, #Bitcoin.

One small step for #Bitcoin, One giant leap for mankind.

I will be on @CNBCTechCheck tomorrow morning at 11:30 am ET to discuss it all.

See you there.

https://twitter.com/jackmallers/status/1402500978662952964?s=19

KaliLinux

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Quote from: bitmover on June 05, 2021, 04:20:58 PM

Quote from: verita1 on June 05, 2021, 04:11:54 PM

Quote

President of El Salvador, Nayib Bukele: "Next week I will send to congress a bill that will make #bitcoin a legal tender."

https://twitter.com/BitcoinMagazine/status/1401279550538108933?s=19

Wow, that's amazing news!

I am impressed.

However, that is not done yet. President must submit it to congress, and the Congress may approve it or not! Anyway, amazing news and a big step for bitcoin!

Looks like it will be most likely approved:

Quote

The bill must still be reviewed by the country’s legislative assembly. But with the populist Bukele’s upstart political party in firm control of that body, approval seemed all but assured Saturday afternoon.

https://www.coindesk.com/president-of-el-salvador-says-hes-submitting-bill-to-make-bitcoin-legal-tender

No questions as most have said, a big step for Bitcoin and cryptocurrencies in general. One step at a time and some day we might have more countries turning to this direction of Bitcoin adoption and I strongly believe that El Salvador is going to be our new China in terms of Bitcoin mining once this bill is approved by the country’s legislative assembly.
Bitcoin has come a long way in a short time and I believe this will do the country and its people more good than harm.

Viscore

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Live with peace and enjoy life!

Quote from: Shasha80 on June 08, 2021, 11:44:05 PM

Quote from: peter0425 on June 08, 2021, 11:06:15 PM

Quote from: Mikayla Buckley on June 08, 2021, 09:48:10 PM

I have been hoping for a long time that one day one country will recognize Bitcoin and use it as legal tender. I believe this is just the beginning and in the near future more and more countries will use Bitcoin. In fact, it is really more stable than the fiat currency system.

Japan had already considered Bitcoin as legal but not as Tender .

While El Salvador literally made it happen and we are lucky to made this start up.

Japan has already legalized Bitcoin, even according to a friend of mine who lives there. Lots of merchants accept Bitcoin payments,
even in Japan there are also Bitcoin ATM machines. That's because the Japanese government supports Bitcoin, then now there is good
news from El Salvador being the first country to use Bitcoin as a legal tender. This is good news that can encourage other countries to do
the same. Hopefully in the near future there will be more countries that legalize Bitcoin, at least that's the hope of the crypto community.

This news is really great. If it will make it to the congress, then maybe after that bitcoin price will create a huge surge again. Thanks to the president of El Salvador who's smart enough thinking that bitcoin could be the answer of their financial system.

Japan was the first to legalize bitcoin and El Salvador's coming into reality soon. Now i can sense that bitcoin is starting to be realize as a unified currency in the near future.

Shasha80

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Quote from: peter0425 on June 08, 2021, 11:06:15 PM

Quote from: Mikayla Buckley on June 08, 2021, 09:48:10 PM

I have been hoping for a long time that one day one country will recognize Bitcoin and use it as legal tender. I believe this is just the beginning and in the near future more and more countries will use Bitcoin. In fact, it is really more stable than the fiat currency system.

Japan had already considered Bitcoin as legal but not as Tender .

While El Salvador literally made it happen and we are lucky to made this start up.

Japan has already legalized Bitcoin, even according to a friend of mine who lives there. Lots of merchants accept Bitcoin payments,
even in Japan there are also Bitcoin ATM machines. That's because the Japanese government supports Bitcoin, then now there is good
news from El Salvador being the first country to use Bitcoin as a legal tender. This is good news that can encourage other countries to do
the same. Hopefully in the near future there will be more countries that legalize Bitcoin, at least that's the hope of the crypto community.

peter0425

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Quote from: Mikayla Buckley on June 08, 2021, 09:48:10 PM

I have been hoping for a long time that one day one country will recognize Bitcoin and use it as legal tender. I believe this is just the beginning and in the near future more and more countries will use Bitcoin. In fact, it is really more stable than the fiat currency system.

Japan had already considered Bitcoin as legal but not as Tender .

While El Salvador literally made it happen and we are lucky to made this start up.

rodskee

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Quote from: target on June 08, 2021, 10:02:14 PM

Quote from: bbc.reporter on June 08, 2021, 12:27:08 AM

Quote from: OROBTC on June 07, 2021, 04:40:44 PM

...

Peru might be next, but NOT as legal tender. Last I looked, leftist whacko Pedro Castillo (graduate of the Hugo Chavez School of Government) has a small lead in their presidential run-off election. Castillo is not a run of the mill leftist.

Peru has been fairly much a laggard in adopting BTC, but I have bought bfrom two ATMs there, both of which might be gone (at least one of them is, I'd have to check coinatmradar to see if the other is as well).

I know Venezuelans here in my city. It is horrible what is happening there. They use BTC (and another crypto, Dash?) more than one would expect. In some cases, BTC/crypto saves lives...

If the Peruvian people choose to go down that road, may the Lord save them. Bitcoin would help Peru in such dire circumstances, but not that much.

Agreed and this would turn bitcoin more into a political tool to bring nations together against an oppressor. I reckon from the history of some South American countries, we know who this oppressor is hehe.

I thought bitcoiners’ laser eyes was larpy, however, what a storyline it would be if all Central and South American countries presidents begun having them on in show of support of bitcoin as a political tool hehe. This is from El Salvador president’s twitter account.

Some politicians from Paraguay, Brazil, and Mexico joined El Salvador already it's like the revolution of South American Countries, they should just come together for Freedom at last! Their laser eyes are posted. It's been so long they've struggled with sanctions, they can't even trade freely without permission from higher ground. It all just needs the El Salvador president to light it all up.

SOmetimes there is only need for starter before finally making the move , as now the countries from South America is making their Movement towards changes.
they have been tied from the decision makings that needs always to consider when their economy continues to fall with this.
Now that they are entering crypto economy surely freedom will be on theirs and also they will come up with more technical and electronic way of living in which the most and effective way bigger country is doing now.
congrats in advance to all of them and hope that my country will have this same decision sooner.

target

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Quote from: bbc.reporter on June 08, 2021, 12:27:08 AM

Quote from: OROBTC on June 07, 2021, 04:40:44 PM

...

Peru might be next, but NOT as legal tender. Last I looked, leftist whacko Pedro Castillo (graduate of the Hugo Chavez School of Government) has a small lead in their presidential run-off election. Castillo is not a run of the mill leftist.

Peru has been fairly much a laggard in adopting BTC, but I have bought bfrom two ATMs there, both of which might be gone (at least one of them is, I'd have to check coinatmradar to see if the other is as well).

I know Venezuelans here in my city. It is horrible what is happening there. They use BTC (and another crypto, Dash?) more than one would expect. In some cases, BTC/crypto saves lives...

If the Peruvian people choose to go down that road, may the Lord save them. Bitcoin would help Peru in such dire circumstances, but not that much.

Agreed and this would turn bitcoin more into a political tool to bring nations together against an oppressor. I reckon from the history of some South American countries, we know who this oppressor is hehe.

I thought bitcoiners’ laser eyes was larpy, however, what a storyline it would be if all Central and South American countries presidents begun having them on in show of support of bitcoin as a political tool hehe. This is from El Salvador president’s twitter account.

Some politicians from Paraguay, Brazil, and Mexico joined El Salvador already it's like the revolution of South American Countries, they should just come together for Freedom at last! Their laser eyes are posted. It's been so long they've struggled with sanctions, they can't even trade freely without permission from higher ground. It all just needs the El Salvador president to light it all up.

Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 134. (Read 40721 times)