El Salvador: Implemented Bitcoin Law introducing Bitcoin as legal tender
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Description
Implemented Bitcoin Law introducing Bitcoin as legal tender
On 7 September 2021 El Salvador implemented the Bitcoin Law, which was adopted on 8 June 2021. The law introduced Bitcoin as legal tender of the country. Consequently, all prices may be denominated in Bitcoin and even taxes can be paid in Bitcoin. Also, according to Art. 7 of the Bitcoin Law, every economic agent shall accept Bitcoin as a form of payment when it is offered by the person acquiring a good or service.
Original sourceScope
Policy Area
Other operating conditions
Policy Instrument
Authorisation of goods or services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
legislature
Government Body
parliament
Key regulatory dimensions
Regulated subjects
The businesses, government agencies or individuals affected by this policy or regulatory change.
producer / supplier
1
Type
Any
Economic activity
digital payment provider (incl. cryptocurrencies)
Category
All