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El Salvador has become the first country to adopt bitcoin as a legal currency after lawmakers in Congress voted overwhelmingly in favor of the bitcoin law.
The purpose of this law is to regulate bitcoins as a legal currency with unrestricted liberalization authority, and unlimited in any transaction.
Prices can now be displayed in bitcoin, tax contributions can be paid in digital currency, and bitcoin exchanges will not be subject to capital gains tax.
And the exchange rate with the US dollar “will be freely determined by the market,” according to the proposed law.
It is noteworthy that the current official currency in El Salvador is the US dollar.
