Bitcoin law in the country will be approved tonight. President Nayib Bukele will reportedly pass the Bitcoin Law at the Salvadoran congress this evening.
El Salvador’s president, Nayib Bukele, is almost 100% sure that the bill to make Bitcoin legal tender will pass tonight.
The President announced in his Twitter speech that there will be promising developments regarding Bitcoin – Here are the details!
The president said in a Twitter speech that the bill is currently under discussion and expects it to be passed first thing tonight or tomorrow as his party has 64 out of 84 seats.
“It goes into effect immediately,” he said, explaining that the government will allow 90 days for the infrastructure to be in place.
What articles does the law about Bitcoin contain?
In continuation of his words, the President; the leader said accepting the money would be mandatory for all businesses. “By law, they have to accept Bitcoin,” he said of merchants in the country, and humorously underlined the issue:
“If you go to Mexico, you have to buy your pesos. In the economy of El Salvador, Bitcoin will be legal (as is) the US dollar.”
The government will also release an official Bitcoin wallet (but not necessarily). The government plans to keep Bitcoin on its balance sheet, but this will require a separate law. Permanent residency will be available to those who invest in BTC in El Salvador. A trust fund will be set up to take on the risks of traders accepting BTC in the country.
The president said that he is not considering leading coin mining, but is positive about the idea of renewable energy Bitcoin mining.
Bitcoin law came to the fore earlier today after Bukele tweeted “I just sent the Bitcoin Law to Congress” and uploaded copies of the law in Spanish and English.