El Salvador becomes the first country to adopt Bitcoin as legal tender
The early hours of Wednesday witnessed history being created as El Salvador became the first country in the world to make bitcoin a legal tender
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Published - Jun 09, 2021, 06:41 PM ET
Last Updated - Feb 09, 2024, 12:50 PM EST
By Yashasvini Razdan, 1:07 PM ET
The early hours of Wednesday witnessed history being created as El Salvador became the first country in the world to make bitcoin a legal tender.
The government said that the legislation will be effective within 90 days. A trust would be set up at the Development Bank of El Salvador to allow quick conversion of the U.S. dollar to bitcoin.
The legislation that will take effect in 90 days, allows citizens to pay taxes and bills using bitcoin. Businesses that cannot process bitcoin would be exempted from obliging to such payments. Bitcoin can be converted into other currencies without being subject to capital gains tax.
