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El Salvador becomes first country to adopt bitcoin as legal tender after passing law
Posted on 6/9/21 at 12:08 pm
Posted on 6/9/21 at 12:08 pm
quote:
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.
“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.
The exchange rate with the U.S. dollar “will be freely established by the market,” according to the proposed law. El Salvador’s current official currency is the U.S. dollar.
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13
Posted on 6/9/21 at 12:10 pm to RLDSC FAN
Legal tender is whatever a private buyer and a private seller agree it is.
Posted on 6/9/21 at 12:11 pm to RLDSC FAN
Something something Wiki
Posted on 6/9/21 at 12:13 pm to RLDSC FAN
They will find a way to tax it.
When you barter which is Bitcoin for a product or service it gets around taxes and easy to hide.
When you barter which is Bitcoin for a product or service it gets around taxes and easy to hide.
Posted on 6/9/21 at 12:13 pm to RLDSC FAN
I'm afraid El Salvador's president will be having an unfortunate CIA sponsored fall up a flight of stairs.
Posted on 6/9/21 at 12:13 pm to RLDSC FAN
quote:
“will be freely established by the market,”
Wait...that makes too much sense...LA is having none of this.
Posted on 6/9/21 at 12:25 pm to johnnyrocket
quote:
When you barter which is Bitcoin for a product or service it gets around taxes and easy to hide.
Blockchain is an extremely public ledger. Very few people run their own wallets and properly use change addresses. Makes tracing way easier.
Posted on 6/9/21 at 12:26 pm to RLDSC FAN
Posted on 6/9/21 at 12:38 pm to RLDSC FAN
So a country long known for being an arm of the CIA drug program is big into bitcoin? I'm shocked.
Posted on 6/9/21 at 12:38 pm to Ronaldo Burgundiaz
quote:
I'm afraid El Salvador's president will be having an unfortunate CIA sponsored fall up a flight of stairs.
CIA loves bitcoin. Hell the origins come from the NSA.
Posted on 6/9/21 at 1:01 pm to jlovel7
quote:
Legal tender is whatever a private buyer and a private seller agree it is.
Legal tender doesn't care about your feels it must be accepted by law.
I am still wondering when cryto will settle to the point where it is a viable currency for everyday use. The volatility is so great it remains an investment instrument.
Posted on 6/9/21 at 1:22 pm to Ronaldo Burgundiaz
quote:
I'm afraid El Salvador's president will be having an unfortunate CIA sponsored fall up a flight of stairs.
“Breaking News: US Forces have invaded El Salvador, Pentagon cites ‘threat to freedom and peace “ in its official statement “.
Posted on 6/9/21 at 1:27 pm to RLDSC FAN
Nothing like an unstable country adopting an unstable currency
Posted on 6/9/21 at 1:56 pm to RLDSC FAN
quote:
The exchange rate with the U.S. dollar “will be freely established by the market,”
This will ruin BTC forever. An entire country screaming at TV cameras how they sold their car for 1 BTC worth $60K, only to wake up 6 days later and find out they have only $30K in their account.
Or the opposite, where the car buyer is screaming that they used 1 BTC to but a $33K car, but now that coin is worth $61K, and they cannot get a refund.
Fun times ahead.
Posted on 6/9/21 at 2:13 pm to johnnyrocket
quote:If you are insinuating it isn't currently taxed, you are wrong. Here in the US, you have to pay capital gains on profits, no different than the taxes you pay on a stock sale.
They will find a way to tax it.
Posted on 6/9/21 at 2:14 pm to notsince98
quote:
Hell the origins come from the NSA.
Posted on 6/9/21 at 2:15 pm to RLDSC FAN
Once it is all electronic it is easier to turn off and remove. An international bank could simply remove all their funds with code.
Posted on 6/9/21 at 2:15 pm to Obtuse1
quote:We are at least 10+ years from that. It will remain pretty volatile as long as there is massive leverage in the system
I am still wondering when cryto will settle to the point where it is a viable currency for everyday use.
Posted on 6/9/21 at 2:19 pm to winkchance
quote:
An international bank could simply remove all their funds with code.
Central Bank Digital Currency
Coming soon. The big fear is that China will move to this and require that all transactions be conducted in it.
Posted on 6/9/21 at 2:29 pm to Aubie Spr96
CBDCs are the worst case scenario for citizens. No more options to pay privately (i.e. Cash today) and full control of an individual's money lies at the Central Bank with the push of a button. It also allows for radical policies to be implemented that is not possible today such as expiration of certain monies to spark economic spending, confiscation of certain monies if individuals do/don't do certain things, etc.
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