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El Salvador’s recent Bitcoin bill to take effect from September 7

Published

3 years ago

on

Bitcoin

As you all know El Salvador recently passed a bill that made Bitcoin a legal tender in the country. With this bill, El Salvador became the first country to adopt Bitcoin as a legal tender.

Now the president of El Salvador, Nayib Bukele said in a national address on Thursday that the recently passed Bitcoin bill will take effect from September 7. El Salvador’s Congress approved the Bitcoin bill on June 9 to make it a legal tender.

“The use of bitcoin will be optional, nobody will receive bitcoin if they don’t want it… If someone receives a payment in bitcoin they can choose to automatically receive it in dollars,” said Bukele.

Also, recently according to a news source the El Salvador’s government is in discussion with the companies regarding the payment of their employees’ salaries in Bitcoin.

Not only this the president Nayib Bukele is also working to utilize volcanoes for the green mining of cryptocurrencies.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

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Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.