Parliament of El Salvador approves legal tender for bitcoin
The cryptocurrency will be used in the Central American country together with the dollar
The Parliament of El Salvador has approved this Wednesday the legalization of the use of bitcoin, which will be legal tender in the Central American country together with the dollar, as confirmed by the Legislative Assembly through its account on the social network Twitter.
“In plenary session 7, with 62 votes, the new Assembly approved the ‘Bitcoin Law’, with which El Salvador adopts bitcoin as a legal currency,” said the body, highlighting that the plenary session has supported each one of the 16 articles of the project.
The vote has been applauded by the country’s president, Nayib Bukele, who has said that the country makes “history.” “The ‘Bitcoin Law’ has just been approved by a qualified majority in the Legislative Assembly: 62 out of 84 votes!”, he highlighted.
The law approved by the body states that the use of this cryptocurrency will be “unrestricted with liberating and unlimited power in any transaction and to any title that public or private natural or legal persons want to carry out.”
It also establishes that the exchange rate between the dollar and the bitcoin will be established by the market itself, although for accounting purposes the dollar will continue to be used as a reference, as has been collected by the Salvadoran newspaper ‘La Prensa Gráfica’.
The proposal was unveiled over the weekend by the Minister of the Economy, María Luisa Hayem, within the framework of a world conference on this cryptocurrency held in the US city of Miami.
Source: dpa
