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El Salvador Becomes First Country To Adopt Bitcoin As Legal Tender After Passing Law
CNBC ^ | 06/09/21 | Arjun Kharpal

Posted on 06/09/2021 12:08:55 AM PDT by Enlightened1

El Salvador has become the first country to adopt bitcoin as legal tender.

Lawmakers in the Central American country’s Congress voted by a “supermajority” in favor of the Bitcoin Law, receiving 62 out of 84 of the legislature’s vote.

Earlier on Wednesday, President Nayib Bukele sent the law to to the country’s Congress for a vote.

“The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the law reads.

Prices can now be shown in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin will not be subject to capital gains tax.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Foreign Affairs; News/Current Events; Politics/Elections
KEYWORDS: bitcoin; elsalvador; legal; tender
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Expect more nations to follow.
1 posted on 06/09/2021 12:08:55 AM PDT by Enlightened1
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To: Enlightened1

Maybe.

Maybe.


2 posted on 06/09/2021 12:25:15 AM PDT by cba123 ( Toi la nguoi My. Toi bay gio o Viet Nam)
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To: cba123

Certainly

Countries looking at it.

Paraguay, Panama and Brazil.

Rumors are

Mexico, Argentina, Ethiopia, Nigeria and Russia.


3 posted on 06/09/2021 12:34:59 AM PDT by Enlightened1 ( )
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To: Enlightened1

Good move. What could possible go wrong?


4 posted on 06/09/2021 12:37:11 AM PDT by Veggie Todd (Religion. It's like a History class. Without the facts. )
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To: Enlightened1

Maybe.

Maybe.

:)


5 posted on 06/09/2021 12:42:38 AM PDT by cba123 ( Toi la nguoi My. Toi bay gio o Viet Nam)
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To: cba123

Like Ecuador and the rest of those countries mentined don’t already have enough revenue issues.


6 posted on 06/09/2021 12:44:36 AM PDT by caww ( )
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To: Veggie Todd

Haha!

Yeah like your currency eventually becoming worthless.

If they could shutdown Bitcoin, then it would have already happened.

I don’t know how Regulators in the U.S. expect to regulate a currency they do not control that is used world wide?


7 posted on 06/09/2021 12:45:30 AM PDT by Enlightened1 ( )
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To: Enlightened1

I’m maybe guessing, you are hoping it will go back up?

:)


8 posted on 06/09/2021 12:54:29 AM PDT by cba123 ( Toi la nguoi My. Toi bay gio o Viet Nam)
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To: Enlightened1

According to Barron’s....”Contrary to the cries of doom and gloom, the lesson drawn from the 1997 Asian financial crisis, the 2008-09 financial crisis, and last year’s pandemic experience is that, when looking into the proverbial abyss, everyone wants dollars.... A Bank of International Settlements study of dollar-funding of non-U.S. banks concluded that the dominance of the dollar in international finance and the attendant policy issues are likely to endure.

The primary reason that crypto/Bitcoin is even thought of as money is because it says it is, ‘not because of its use’..... Its rival, as Fed Chair Jerome Powell noted, is with other non-interest-bearing assets like gold, not the dollar.

For all of its flaws, the greenback remains the most important invoicing and vehicle currency..There is simply no compelling alternative.


9 posted on 06/09/2021 12:55:43 AM PDT by caww ( )
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To: caww

Ecuador currency is pegged to the dollar.


10 posted on 06/09/2021 12:59:55 AM PDT by Does so (The Media is the enemy of the people...Trial lawyers close behind...)
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To: Enlightened1

Bitcoin is quite volatile but if you look at the yearly lows a pattern does emerge.

11 posted on 06/09/2021 1:11:33 AM PDT by Nateman (If the Left Is not screaming , you are doing it wrong..)
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To: Enlightened1

Bitcoin can be hit with ransomware - yes?


12 posted on 06/09/2021 2:00:07 AM PDT by Libloather (Why do climate change hoax deniers live in mansions on the beach?)
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To: Enlightened1

Hookers and Blow! No one will know!
Crime syndicates approve.


13 posted on 06/09/2021 5:15:42 AM PDT by outofsalt (If history teaches us anything, it's that history rarely teaches anything.)
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To: cba123

Our current financial system is broken.

It’s actually been broken since 2008 crisis. This is why they have had bail out after bail out after bail out. First known as TARP, then QE I, QE II and QE III, etc...

I do not want to see my hard earned dollars inflated to infinity.


14 posted on 06/09/2021 5:30:06 AM PDT by Enlightened1 ( )
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To: Nateman

Exactly


15 posted on 06/09/2021 5:30:32 AM PDT by Enlightened1 ( )
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To: outofsalt

Hey you forgot the Lambos. Although they are not illegal.

Very little of Bitcoin is actually used for crime is less than 1% (see links below). That’s central bank nonsense. They are just mad because they do not control it.

The dollar on as you know has a large and long history of illeagal crime, but we do not ban it? Ditto with other currencies and even assets.

Bottom line is this. Anything can be used for good or bad. For instance, cars have been used in crimes. Do we ban them because some people use them in crime?

https://www.forbes.com/sites/stevenehrlich/2021/04/13/janet-yellen-bitcoin-and-crypto-fearmongers-get-pushback-from-former-cia-director/?sh=6c523e129bb7

and

https://cryptoforinnovation.org/resources/Analysis_of_Bitcoin_in_Illicit_Finance.pdf


16 posted on 06/09/2021 5:39:03 AM PDT by Enlightened1 ( )
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To: Enlightened1

I was reading that Panama and at least one other CA country would follow.

Since these countries use the US dollar….expect them to be invaded and overthrown soon. Lol.


17 posted on 06/09/2021 6:00:54 AM PDT by Vermont Lt
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To: Libloather

No. The block chain—doing transactions since 2009– has never been hacked.

There is a lot of misinformation out there about Bitcoin, the block chain, and what different cryptos actually do.


18 posted on 06/09/2021 6:03:57 AM PDT by Vermont Lt
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To: Vermont Lt

I know Wyoming, Florida and Texas have really opened up to crypto.

The Feds hate it because they cannot control it.


19 posted on 06/09/2021 6:05:49 AM PDT by Enlightened1 ( )
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To: Vermont Lt

Exchanges have been hacked where people left their coins.

People not being careful with their private keys have got them in trouble too.


20 posted on 06/09/2021 6:08:03 AM PDT by Enlightened1 ( )
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