El Salvador, the first country ready to legitimize virtual currency

To find new opportunities and undoubtedly to emancipate itself somewhat from its national currency, the American dollar, the president of the Salvador Nayib Bukele has tabled a bill that aims to make Bitcoin a legal means of carrying out transactions in his country.

The proposed legislation aims to make virtual currency an alternative means of payment to the dollar for all transactions, with the possibility of displaying the prices of services and goods in Bitcoins.

Taxes can be paid with cryptocurrency, exchanges will no longer be taxed as speculative activity, and the value of the exchange between Bitcoin and the US dollar will be freely established by the market.

The bill provides for educating the population in bitcoin trading, with virtual currency seen as a way to provide greater access to financial services (including international transfers), while 70% of Salvadorans do not. would not have access currently.

The bill has already received the favorable vote of Congress and it remains to be seen how to set it up and especially manage the high volatility of the price which can experience variations of more than 15% in a few hours.

In any case, the initiative is of interest to other Latin American countries, between the quest for new economic avenues and the search for greater independence from the United States and the American central bank.

Source: GNT – actualit├ęs by www.generation-nt.com.

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