Lawmakers pass Bitcoin Legal Tender Bill in El Salvador

A bill to make Bitcoin a legal tender in El Salvador has been passed by the country’s legislators today.

President Nayib Bukele confirmed this in a tweet and later said (on Twiter Space) that he will rubber-stamp the bill later today or first thing tomorrow.

“It goes into effect immediately,” President Nayib Bukele said.

They have to take it by law,” he said, reiterating that merchants are compelled by law to accept Bitcoin as a legal tender. “If you go to Mexico they have to take your pesos.

“In the case of El Salvador Bitcoin is going to be legal tender just as the US Dollar.”

The El Salvador government are expected to create an infrastructure to sustain it within the next three months.

President Nayib Bukele said recently that El Salvador will help crypto investors who are willing to invest in the country.

People who invest a minimum of 3 BTC will be granted permanent residency. 

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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