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22 June 2021

El Salvador’s President Wants Bitcoin As Legal Tender—Here’s What That Means - Decrypt

El Salvador’s President Wants Bitcoin As Legal Tender—Here’s What That Means - Decrypt


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El Salvador’s President Wants Bitcoin As Legal Tender—Here’s What That Means.

The proposed bill, announced to much ballyhoo at Miami’s Bitcoin 2021 conference yesterday, drew speculation that El Salvadoreans will soon buy their groceries with Bitcoin.

Declaring Bitcoin as legal tender has nothing to do with remittances or payments, said George Selgin, who directs Cato’s Center for Monetary and Financial Alternatives.

But the new law wouldn’t change how Bitcoin is used in ordinary exchange, Selgin said, “except to the extent that it results in a different tax treatment of such transactions.”.

“[President] Bukele is proposing to do with Bitcoin what El Salvador did with the dollar in 2001,” Selgin said.

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