El Salvador landed a prominent place in the crypto-verse after its President, Nayib Bukele, exhibited support for Bitcoin [BTC]. Appearing virtually at the recent Bitcoin 2021 conference in Miami, he noted that the country would soon present a bill before Congress to give Bitcoin a legal tender. The President took a plunge into the same and decided to hasten the process as he announced that the Bitcoin law was on its way to Congress.
With the inclusion of Bitcoin into the system, El Salvador’s president hopes to bolster the country’s GDP by 25%. The creation of employment was another aspect that Bukele hopes to address with Bitcoin on board. While 70% of the country’s population is bankless and financial inclusion through crypto could boost the overall economy of the region, he noted in the conference.
El Salvador’s Prez sends Bitcoin legal tender law to Congress
In a recent tweet, Nayib Bukele revealed to his followers that he had sent the Bitcoin law to Congress. Soon after this law gets approved, the country would regulate BTC as an unrestricted legal tender. The tweet read,
If the aforementioned proposal gets accepted, every “economic agent” would be mandated to accept Bitcoin as payment. In addition to this, citizens of the region would be able to pay taxes in Bitcoin and the cryptocurrency would be excluded from capital gain taxes.
The bill further notes that El Salvador’s government would work along with its private sectors to uphold the use of BTC in the region. The Development Bank of El Salvador would reportedly have a major role to play. The bill further read,
“Without prejudice to the actions of the private sector, the State shall provide alternatives that allow the user to carry out transactions in bitcoin and have automatic and instant convertibility from bitcoin to USD if they wish. Furthermore, the State will promote the necessary training and mechanisms so that the population can access transactions.”
Additionally, Anthony Pompliano took to Twitter to acknowledge El Salvador’s recent move and tweeted,