El Salvador made it mandatory to accept Bitcoin for all Businesses.
A proof by El Salvador, a Better world would be a Decentralized world.
Bitcoin has been making headlines as the best cryptocurrency to invest in for a long period of time. The crypto king is doing so once more. El Salvador, a small Central American coastal country, has declared bitcoin a legal tender. This happened during the parliament session conducted on Wednesday.
How did it happen?
The president of El Salvador Introduced the bill for making bitcoin legal. The bill earned at least 62 out of the 84 legislative assembly votes yesterday.
Mr. Nayib Bike, the president of El Salvador, promised to sign the historic bill as soon as possible.
What else did he say?
The president said a number of things about it. The list includes but is not limited to the following only:
· The bill passed to declare as the legal tender would be effective immediately.
· The government of El Salvador will allow 90 days’ time for businesses to ensure all types of infrastructure to accept bitcoin as a mode of payment.
· Accepting bitcoin would be mandatory for all businesses throughout the country. All merchants in the country will have to take it by law.
· He plans on meeting the IMF (International Monetary Fund) on Thursday (June 10, 2021).
· The Central Government of El Salvador plans on launching its own official bitcoin wallet. However, accepting that wallet wouldn’t be mandatory for anyone.
· The government of El Salvador will put their best possible foot forward to reduce the level of risks for the merchants. This is the reason why the El Salvador government has decided to hold $150 million for this purpose in its development bank.
· Those who invest 3 bitcoins will earn permanent residency in El Salvador.
Key highlights of the bill passed:
In case you are a crypto enthusiast, there are a couple of things you must know about the bill passed. For example:
The idea of bitcoin mining came to his mind. However, he prefers to the idea of bitcoin mining based on renewable energy, said Mr. Bukele.
He uploaded the copies of Bill online in English and Spanish.
The purpose of the bill passed:
This is another important thing you must be familiar with about the bill.
· The bill passed will make bitcoin subject to regulation as unrestricted legal tender.
· If the bill is to be believed, users will now be able to use it unlimitedly for transactions.
· Acceptance of bitcoin by economic agents as a mode of payment has been mandated.
· If needed, the government is committed to providing the infrastructure required to convert bitcoins to US Dollar.
· The government will also put the best foot forward to train people about the way of using the virtual decentralized currency.
The move carried out by the El Salvador government has sparked immense enthusiasm among Latin American political bigwigs supporting the best cryptocurrency to invest in.
In case you are thinking about it, this news is a massive vibe of positivity spread in the domain of cryptocurrency worldwide by the government of El Salvador.